Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,700 units; cost $6.80 each. August 8 Purchased 13,500 units for $6.20 each. August 14 Sold 10,800 units for $12.70 each. August 18 Purchased 8,100 units for $5.60 each. August 25 Sold 9,800 units for $11.70 each. August 28 Purchased 4,700 units for $5.80 each.. August 31 Inventory on hand-8,400 units. 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 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: Number of units Cost per unit Cost of Goods Available for Sale Number of Cost units sold per unit Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 2,700 $6.80 $ 18,360 $ 6.80 $ 0 $6.80 $ 0 $ 6.80 Purchases: August 8 13,500 6.20 83,700 6.20 6.20 6.20 August 18 8,100 5.60 45,360 5.60 0 5.60 5.60 0 August 28 4,700 5.80 27,260 5.80 0 5.80 5.80 Total 29,000 $ 174,680 0 0 0 $ 0 $ 0 $
Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,700 units; cost $6.80 each. August 8 Purchased 13,500 units for $6.20 each. August 14 Sold 10,800 units for $12.70 each. August 18 Purchased 8,100 units for $5.60 each. August 25 Sold 9,800 units for $11.70 each. August 28 Purchased 4,700 units for $5.80 each.. August 31 Inventory on hand-8,400 units. 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 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: Number of units Cost per unit Cost of Goods Available for Sale Number of Cost units sold per unit Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 2,700 $6.80 $ 18,360 $ 6.80 $ 0 $6.80 $ 0 $ 6.80 Purchases: August 8 13,500 6.20 83,700 6.20 6.20 6.20 August 18 8,100 5.60 45,360 5.60 0 5.60 5.60 0 August 28 4,700 5.80 27,260 5.80 0 5.80 5.80 Total 29,000 $ 174,680 0 0 0 $ 0 $ 0 $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
Related questions
Question
None
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT