FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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