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-2,800 units; cost $6.90 each. August & Purchased 14,000 units for $6.30 each. August 14 Sold 11,200 units for $12.80 each. August 18 Purchased 8,400 units for $5.80 each. August 25 Sold 10,200 units for $11.80 each. August 28 Purchased 4,800 units for $5.80 each. August 31 Inventory on hand-8,600 units. 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 last-in, first-out (LIFO). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Number of units Cost per unit Cost of Goods Available for Sale Number of Cost units sold per unit Goods Sold Cost of Number of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 2,800 $6.90 19,320 $ 6.90 $6.90 $ 6.90 Purchases: August 8 14,000 6.30 88,200 6.30 6.30 August 18 8,400 5.80 48,720 5.80 5.80 August 28 4,800 5.80 27,840 5.80 5.80 Total 30,000 $ 184,080 6.30 5.80 5.80 Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,800 units; cost $6.90 each. August & Purchased 14,000 units for $6.30 each. August 14 Sold 11,200 units for $12.80 each. August 18 Purchased 8,400 units for $5.80 each. August 25 Sold 10,200 units for $11.80 each. August 28 Purchased 4,800 units for $5.80 each. August 31 Inventory on hand-8,600 units. 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 last-in, first-out (LIFO). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Number of units Cost per unit Cost of Goods Available for Sale Number of Cost units sold per unit Goods Sold Cost of Number of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 2,800 $6.90 19,320 $ 6.90 $6.90 $ 6.90 Purchases: August 8 14,000 6.30 88,200 6.30 6.30 August 18 8,400 5.80 48,720 5.80 5.80 August 28 4,800 5.80 27,840 5.80 5.80 Total 30,000 $ 184,080 6.30 5.80 5.80