Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—2,200 units; cost $6.30 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8,800 units for $12.20 each. 18 Purchased 6,600 units for $5.20 each. 25 Sold 7,800 units for $11.20 each. 28 Purchased 4,200 units for $5.80 each. 31 Inventory on hand—7,400 units. 2. 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 the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.)
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—2,200 units; cost $6.30 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8,800 units for $12.20 each. 18 Purchased 6,600 units for $5.20 each. 25 Sold 7,800 units for $11.20 each. 28 Purchased 4,200 units for $5.80 each. 31 Inventory on hand—7,400 units. 2. 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 the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
| Aug.1 | Inventory on hand—2,200 units; cost $6.30 each. |
| 8 | Purchased 11,000 units for $5.70 each. |
| 14 | Sold 8,800 units for $12.20 each. |
| 18 | Purchased 6,600 units for $5.20 each. |
| 25 | Sold 7,800 units for $11.20 each. |
| 28 | Purchased 4,200 units for $5.80 each. |
| 31 | Inventory on hand—7,400 units. |
2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021,
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