Question

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Altra Corporation provides the following Information related to its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-3,880 units; cost $7.99 each. 8 Purchased 19,800 units for $7.30 each. 14 Sold 15, 200 units for $13.80 each. 18 Purchased 11,480 units for $6.80 each. 25 Sold 14, 200 units for $12.80 each. 28 Purchased 5,800 units for $5.80 each. 31 Inventory on hand-18,600 units. 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 last-In, first-out (LIFO). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: # of units Cost per Cost of Goods Available for Sale # of units sold Cost Cost of per unit Goods Sold # of units sold Cost per unit Cost of Total Cost of Goods Sold Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit Beg. Inventory Purchases: August 8 August 18 August 28 Total

Answer 1

	Cost of goods available for sale			Cost of goods sold-August 14			Cost of goods sold August 25				Inventory balance
Perpetual LIFO	# of unit	Cost per unit	Cost of goods available for sale	# of units sold	Cost per unit	cost of goods sold	# of units sold	Cost per unit	Cost of goods sold	Total cost of goods sold	# of units in ending inventory	Cost per unit	Ending inventory
Beg Inventory	3800	7.90	30020								3800	7.90	30020
Purchases
Aug 8	19000	7.30	138700	15200	7.30	110960	2800	7.30	20440		1000	7.3	7300
Aug 18	11400	6.80	77520				11400	6.8	77520
Aug 28	5800	5.80	33640								5800	5.80	33640
Total	40000		279880	15200		110960	14200		97960	208920	10600		70960