Altira Corporation provides the following information related to its inventory during the month of August 2024...

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Altira Corporation provides the following information related to its inventory during the month of August 2024 August 1 Inventory on hand-2,300 units; cost $6.40 each. August 8 Purchased 11,500 units for $5.80 each. August 14 Sold 9,200 units for $12.30 each. August 18 Purchased 6,900 units for $5.00 each. August 25 Sold 8,200 units for $11.30 each. August 28 Purchased 4,300 units for $5.80 each. August 31 Inventory on hand-7,600 units.. Required: 1. 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 FIFO method. Cost of Goods Sold - August 25 Cost of Goods Available for Sale Cost of Goods Sold - August 14 Inventory Balance Perpetual FIFO: Number of Cost per units unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units Cost per unit Cost of Goods Sold Total Cost of Goods Sold sold Number of units in inventory Cost per unit Ending Inventory 2,300 $ 6.40 $ 14,720 2,300 $ 6.40 $ 14,720 0 $ 6.40 $ 0 0 $ 6.40 $ 0 Beginning Inventory Purchases August 8 11,500 5.80 66,700 6,900 5.80 40,020 4,600 5.80 26,680 0 5.80 0 August 18 6,900 5.00 34,500 0 5.00 0 5.00 5.00 August 28 4,300 5.80 24,940 0 5.80 0 5.80 5.80 Total 25,000 $ 140,860 9,200 $ 54,740 4,600 $ 26,680 $ 81,420 0 $ 0 Altira Corporation provides the following information related to its inventory during the month of August 2024 August 1 Inventory on hand-2,300 units; cost $6.40 each. August 8 Purchased 11,500 units for $5.80 each. August 14 Sold 9,200 units for $12.30 each. August 18 Purchased 6,900 units for $5.00 each. August 25 Sold 8,200 units for $11.30 each. August 28 Purchased 4,300 units for $5.80 each. August 31 Inventory on hand-7,600 units.. Required: 1. 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 FIFO method. Cost of Goods Sold - August 25 Cost of Goods Available for Sale Cost of Goods Sold - August 14 Inventory Balance Perpetual FIFO: Number of Cost per units unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units Cost per unit Cost of Goods Sold Total Cost of Goods Sold sold Number of units in inventory Cost per unit Ending Inventory 2,300 $ 6.40 $ 14,720 2,300 $ 6.40 $ 14,720 0 $ 6.40 $ 0 0 $ 6.40 $ 0 Beginning Inventory Purchases August 8 11,500 5.80 66,700 6,900 5.80 40,020 4,600 5.80 26,680 0 5.80 0 August 18 6,900 5.00 34,500 0 5.00 0 5.00 5.00 August 28 4,300 5.80 24,940 0 5.80 0 5.80 5.80 Total 25,000 $ 140,860 9,200 $ 54,740 4,600 $ 26,680 $ 81,420 0 $ 0

Answer rating: 100% (QA)

Using the FIFO method lets calculate the inventory balance Altira would report in its August 31 2024 ... View the full answer