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

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2 Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,000 units%;B cost $5.30 each. August 8 Purchased 8,000 units for $5.50 each. August 14 Sold 6,000 units for $12.00 each. August 18 Purchased 6,000 units for $5.60 each. August 25 Sold 7,000 units for $11.00 each. August 28 Purchased 4,000 units for $5.80 each. August 31 Inventory on hand-7,000 units. 2. 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 Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places. Inventory on hand Cost of Goods Sold Inventory Balance ces Perpetual Average Number of units Cost per Inventory unit Value Number of units sold Average Cost per unit Cost of Goods Sold Number of units in inventory Cost per unit Ending inventory Beginning Inventory 2,000 $ 5.30 $ 8,000 $ 5.50 10,600 2,000 $ 5.30 $ 10,600 44,000 8,000 $ 5.50 $ 44,000 Purchase August 8 10,000 $ 54,600 Sale - August 14 6,000 4,000 6,000 $ 5.60 33,600 6,000 $ SA Purchase - August 18 10,000 5.60 $ 33,600 $ 33,600 Sale - August 25 7,000 3,000 Purchase - August 28 4,000 $ 5.80 23,200 4,000 $ 5.80 $ 69 23,200 S 2 Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,000 units%;B cost $5.30 each. August 8 Purchased 8,000 units for $5.50 each. August 14 Sold 6,000 units for $12.00 each. August 18 Purchased 6,000 units for $5.60 each. August 25 Sold 7,000 units for $11.00 each. August 28 Purchased 4,000 units for $5.80 each. August 31 Inventory on hand-7,000 units. 2. 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 Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places. Inventory on hand Cost of Goods Sold Inventory Balance ces Perpetual Average Number of units Cost per Inventory unit Value Number of units sold Average Cost per unit Cost of Goods Sold Number of units in inventory Cost per unit Ending inventory Beginning Inventory 2,000 $ 5.30 $ 8,000 $ 5.50 10,600 2,000 $ 5.30 $ 10,600 44,000 8,000 $ 5.50 $ 44,000 Purchase August 8 10,000 $ 54,600 Sale - August 14 6,000 4,000 6,000 $ 5.60 33,600 6,000 $ SA Purchase - August 18 10,000 5.60 $ 33,600 $ 33,600 Sale - August 25 7,000 3,000 Purchase - August 28 4,000 $ 5.80 23,200 4,000 $ 5.80 $ 69 23,200 S

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Answer To calculate the inventory balance Altira would report in its August 31 2024 balance sheet an... View the full answer