Altira Corporation provides the following information related to its inventory during the month of August 2024: Required:
Question:
Altira Corporation provides the following information related to its inventory during the month of August 2024:
Required:
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 each of the following cost flow methods:
1. First-in, first-out (FIFO)
2. Average cost
Transcribed Image Text:
Aug. 1 8 14 18 25 28 31 Inventory on hand-2,000 units; cost $5.30 each. Purchased 8,000 units for $5.50 each. Sold 6,000 units for $12.00 each. Purchased 6,000 units for $5.60 each. Sold 7,000 units for $11.00 each. Purchased 4,000 units for $5.80 each. Inventory on hand-7,000 units.
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Firstin firstout FIFO Cost of goods sold Date of Sale Aug 14 Aug 25 Un...View the full answer
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