Altira Corporation provides the following information related to its inventory during the month of August 2024:August 1 Inventory on hand-3,100 units; cost $7.20 each.August 8 Purchased 15,500 units for $6.60 each.August 14 Sold 12,400 units for $13.10 each.August 18 Purchased 9,300 units for $5.50 each.August 25 Sold 11,400 units for $12.10 each.August 28 Purchased 5,100 units for $5.80 each.August 31 Inventory on hand-9,200 units.Using calculations based on a perpetual inventory system, determine the inventory balance Altire would report in its August 31, 2024balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO)Perpetual LIFQ;Beginning InventoryPurchasesAugust 8August 18August 28TotalCost of Goods Available for SaleCostperunit3,100 $7.20 $Numberof units15,500 6.605.805.80umberunits9,3005.10033,000units for $12.10 each.,100 units for $5.50 each.n hand-9,200 units.15.500 6.009.300 5.005,1005.8033.000Show Transcribed TextCost of Goods Available for SaleCostperunit3,100 $7.20 $SCost of GoodsAvailable for SaleCost of GoodsAvailable for Sale$22,320vides the following information related to its inventory during the month of August 2024hand-3,100 units; cost $7.20 each.5,500 units for 56.60 each.units for $13.10 each.300 units for $5.00 each.102.30053.94029.580200,14022.320102,30053,94029.500208.1400Cost of Goods Sold August 146.005.005.80Cost ofNumber of Costunits sold per unit Goods Sold$7.20 Sed on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024,cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO)Cost of Goods Sold-August 14Number of Cost Cost ofunits sold per unit Goods Sold$7.20 S0Oof06.605.805.80$Number ofunits soldCost of Goods Sold August 25CostperD$7.20 S6.605.80500000Cost of Goods Sold August 25Costperunit$7.20 SNumber ofunits sold0DSD6.605.005.80Number ofCost ofTotal Cost ofGoods Sold Goods Sold units in endinginventory1Cost ofGoods SoldS0DInventory Balance0 $Cost perTotal Cost ofGoods Sold$ 7.206.005.005.50EndingInventory$

Name: Altira Corporation provides the following information related to its
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Description: Altira Corporation provides the following information related to its inventory during the month of August 2024:August 1 Inventory on hand-3,100 units; cost $7.20 each.August 8 Purchased 15,500 units for $6.60 each.August 14 Sold 12,400 units for $13

LIFO stands for Last In First Out. Using LIFO method, the newer inventory is sold out and older…

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Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,100 units; cost $7.20 each. August 8 Purchased 15,500 units for $6.60 each. August 14 Sold 12,400 units for $13.10 each. August 18 Purchased 9,300 units for $5.80 each. August 25 Sold 11,400 units for $12.10 each. August 28 Purchased 5,100 units for $5.80 each. August 31 Inventory on hand-9,200 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altire would report in its August 31, 201 balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO) Goods Sold August

Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,100 units; cost $7.20 each. August 8 Purchased 15,500 units for $6.60 each. August 14 Sold 12,400 units for $13.10 each. August 18 Purchased 9,300 units for $5.80 each. August 25 Sold 11,400 units for $12.10 each. August 28 Purchased 5,100 units for $5.80 each. August 31 Inventory on hand-9,200 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altire would report in its August 31, 201 balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO) Goods Sold August

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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Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,900 units; cost $7.00 each. August 8 Purchased 14,500 units for $6.40 each. August 14 Sold 11,600 units for $12.90 each. August 18 Purchased 8,700 units for $6.00 each. August 25 Sold 10,600 units for $11.90 each. August 28 Purchased 4,900 units for $5.80 each. August 31 Inventory on hand-8,800 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 Cost of units sold per unit Goods Sold Number of units sold Cost per unit Cost of Goods…
Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,900 units; cost $7.00 each. August 8 Purchased 14,500 units for $6.40 each. August 14 Sold 11,600 units for $12.90 each. August 18 Purchased 8,700 units for $6.00 each. August 25 Sold 10,600 units for $11.90 each. August 28 Purchased 4,900 units for $5.80 each. August 31 Inventory on hand-8,800 units. Exercise 8-14 (Algo) Part 2 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 Inventory Value Cost…