Question

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Required Information [The following information applies to the questions displayed below.] Altira Corporation provides the following Information related to its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-2,300 units; cost $6.40 each. 8 Purchased 11,500 units for $5.80 each. 14 Sold 9,280 units for $12.30 each. 18 Purchased 6,900 units for $5.00 each. 25 Sold 8,280 units for $11.30 each. 28 Purchased 4,300 units for $5.80 each. 31 Inventory on hand-7,680 units. 2. Using calculations based on a perpetual Inventory system, determine the Inventory balance Altira would report In its August 31, 2021, balance sheet and the cost of goods sold it would report In Its August 2021 Income statement using the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average # of units Cost per unit Inventory Value # of units Avg.Cost sold per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending inventory Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total

Answer 1

Inventory on hand Perpetual average Cost per unit # of units Cost of goods sold Average # of units Cost of cost per sold goods sold Inventory value unit Beginning inventor Purchsae-August 8 2,300 11,500 $6.40 $5.80 $14,720.00 $66,700.00 Inventory balance # of units in Cost per Ending ending unit inventory inventory 2,300 $6.40 $14,720.00 11,500 $5.80 $66,700.00 13,800 $5.90 $81,420.00 4,600 $5.90 $27,140.00 6,900 $5.00 $34,500.00 11,500 $5.36 $61,640.00 3,300 $5.36 $17,688.00 4,300 5.80 $24,940.00 7,600 $42,628.00 9,200 $5.90 $54,280.00 Sale-August 14 Purchase-August 18 6,900 $5.00 $34,500.00 8,200 $5.36 $43,952.00 Sale-August 25 Purchsae-August 28 5.80 4,300 25,000 $24,940.00 $140,860.00 17,400 $98,232.00