The goods are sold at a gross profit of 20% of sales. For interim statement purposes, the  inventory at the end of April, May and June, respectivel

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,300 units; cost $7.40 each. 8 Purchased 16,500 units for $6.80 each. 14 Sold 13,200 units for $13.30 each. 18 Purchased 9,900 units for $6.20 each. 25 Sold 12,200 units for $12.30 each. 28 Purchased 5,300 units for $5.80 each. 31 Inventory on hand-9,600 units. 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 last-in, first-out (LIFO). Perpetual LIFO: Beg. Inventory Purchases: August 8 August 18 August 28 Total Cost of Goods Available for Sale Cost per unit 3,300 $7.40 $ # of units 16,500 6.80 9,900 6.20 5.8 5,300 35,000 Cost of Goods Available for Sale $ 24,420 112,200 61,380 30,740 228,740 Cost of Goods Sold - August 14 # of units sold 0 Cost per unit Cost…

During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions for 2021: Number of Units 69 169 189 Unit Cost $64 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Total Cost $ 4,416 10,985 12,663 $28,064 65 67 427 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory %24 147 Cost of goods sold

Linden Watch Company reported the following income statement data for a 2-year period                                              2019                 2020 Sales                                     $280,000            $320,000 Cost of goods sold Beginning inventory              32,000                 44,000 Cost of goods purchased      193,000               225,000 Cost of goods available for sale 225,000           269,000 Ending inventory                      44,000                  52,000      Cost of goods sold              181,000            217,000 Gross profit                           $ 99,000             $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.