Required information [The following information applies to the questions displayed below] Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,300 units; cost $7.40 each. August 8 Purchased 16,500 units for $6.80 each. August 14 Sold 13,200 units for $13.30 each.. August 18 Purchased 9,900 units for $6.20 each. August 25 Sold 12,200 units for $12.30 each. August 28 Purchased 5,300 units for $5.80 each. August 31 Inventory on hand-9,600 units. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places. Perpetual Average Beginning Inventory Purchase-August 8 Sale-August 14 Purchase-August 18 Sale-August 25 Purchase-August 28 Total Inventory on hand Cost per unit Number of units 3,300 $7.40 $ 16,500 $ 6.80 9,900 $6.20 Inventory Value 5,300 $5.80 35,000 $ 24,420 112,200 61,380 30,740 228,740 Cost of Goods Sold Average Cost per unit Number of units sold 13,200 12,200 Cost of Goods Sold $ 0 Inventory Balance Cost per unit Number of units in inventory 0 0 0 Ending inventory $ $ $ 0 0 0
Required information [The following information applies to the questions displayed below] Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,300 units; cost $7.40 each. August 8 Purchased 16,500 units for $6.80 each. August 14 Sold 13,200 units for $13.30 each.. August 18 Purchased 9,900 units for $6.20 each. August 25 Sold 12,200 units for $12.30 each. August 28 Purchased 5,300 units for $5.80 each. August 31 Inventory on hand-9,600 units. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places. Perpetual Average Beginning Inventory Purchase-August 8 Sale-August 14 Purchase-August 18 Sale-August 25 Purchase-August 28 Total Inventory on hand Cost per unit Number of units 3,300 $7.40 $ 16,500 $ 6.80 9,900 $6.20 Inventory Value 5,300 $5.80 35,000 $ 24,420 112,200 61,380 30,740 228,740 Cost of Goods Sold Average Cost per unit Number of units sold 13,200 12,200 Cost of Goods Sold $ 0 Inventory Balance Cost per unit Number of units in inventory 0 0 0 Ending inventory $ $ $ 0 0 0
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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Question
A6
![Required information
[The following information applies to the questions displayed below]
Altira Corporation provides the following information related to its inventory during the month of August 2024:
August 1 Inventory on hand-3,300 units; cost $7.40 each.
August 8 Purchased 16,500 units for $6.80 each.
August 14 Sold 13,200 units for $13.30 each..
August 18 Purchased 9,900 units for $6.20 each.
August 25 Sold 12,200 units for $12.30 each.
August 28 Purchased 5,300 units for $5.80 each.
August 31 Inventory on hand-9,600 units.
2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31,
2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost method.
Note: Round "Average Cost per Unit" to 2 decimal places.
Perpetual Average
Beginning inventory
Purchase-August 8
Sale-August 14
Purchase-August 18
Sale-August 25
Purchase-August 28
Total
Inventory on hand
Number Cost per
of units unit
3,300 $7.40 $
16,500 $ 6.80
9,900 $6.20
Inventory
Value
5,300 $5.80
35,000
$
24,420
112,200
61,380
30,740
228,740
Cost of Goods Sold
Average
Cost per
unit
Number
of units
sold
13,200
12,200
Cost of
Goods Sold
$
0
Inventory Balance
Cost per
unit
Number of
units in
inventory
0
0
0
Ending
inventory
$
$
$
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c379d09-496d-4b84-b89e-e2d398fa4380%2Ffc516eb2-d028-4188-bef3-92885a988bad%2Fpupvk3t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
Altira Corporation provides the following information related to its inventory during the month of August 2024:
August 1 Inventory on hand-3,300 units; cost $7.40 each.
August 8 Purchased 16,500 units for $6.80 each.
August 14 Sold 13,200 units for $13.30 each..
August 18 Purchased 9,900 units for $6.20 each.
August 25 Sold 12,200 units for $12.30 each.
August 28 Purchased 5,300 units for $5.80 each.
August 31 Inventory on hand-9,600 units.
2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31,
2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost method.
Note: Round "Average Cost per Unit" to 2 decimal places.
Perpetual Average
Beginning inventory
Purchase-August 8
Sale-August 14
Purchase-August 18
Sale-August 25
Purchase-August 28
Total
Inventory on hand
Number Cost per
of units unit
3,300 $7.40 $
16,500 $ 6.80
9,900 $6.20
Inventory
Value
5,300 $5.80
35,000
$
24,420
112,200
61,380
30,740
228,740
Cost of Goods Sold
Average
Cost per
unit
Number
of units
sold
13,200
12,200
Cost of
Goods Sold
$
0
Inventory Balance
Cost per
unit
Number of
units in
inventory
0
0
0
Ending
inventory
$
$
$
0
0
0
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