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 metho 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 of units Cost per Inventory unit Value Cost of Goods Sold Average Cost per unit Number of units sold Cost of Goods Sold Inventory Balance Number of Cost per units in inventory unit Ending inventory
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 metho 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 of units Cost per Inventory unit Value Cost of Goods Sold Average Cost per unit Number of units sold Cost of Goods Sold Inventory Balance Number of Cost per units in inventory unit Ending inventory
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
Topic Video
Question
![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 of Goods Sold
Average
Cost per
unit
Number
of units
sold
Cost of
Goods Sold
Inventory Balance
Cost per
unit
Number of
units in
inventory
Ending
inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd01fce5-4ed6-4e8f-912c-c98978122cab%2F6183380f-6661-4f95-b79d-3ec6d0ad03cf%2F99p2wo7_processed.png&w=3840&q=75)
Transcribed Image Text: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 of Goods Sold
Average
Cost per
unit
Number
of units
sold
Cost of
Goods Sold
Inventory Balance
Cost per
unit
Number of
units in
inventory
Ending
inventory
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT