Altira Corporation provides the following information related to its merchandise inventory during the month of August...
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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,200 units; cost $7.30 each. 8 Purchased 16,000 units for $6.70 each. 14 Sold 12,800 units for $13.20 each. 18 Purchased 9,600 units for $6.20 each. 25 Sold 11,800 units for $12.20 each. 28 Purchased 5,200 units for $5.80 each. 31 Inventory on hand-9,400 units. Exercise 8-14 (Algo) Part 2 2. 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 the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Inventory Balance Cost per unit Perpetual Average Cost of Goods Sold Avg.Cost Cost of per unit Goods Sold # of units Cost per unit Inventory # of units Value sold # of units in inventory Ending inventory Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,200 units; cost $7.30 each. 8 Purchased 16,000 units for $6.70 each. 14 Sold 12,800 units for $13.20 each. 18 Purchased 9,600 units for $6.20 each. 25 Sold 11,800 units for $12.20 each. 28 Purchased 5,200 units for $5.80 each. 31 Inventory on hand-9,400 units. Exercise 8-14 (Algo) Part 2 2. 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 the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Inventory Balance Cost per unit Perpetual Average Cost of Goods Sold Avg.Cost Cost of per unit Goods Sold # of units Cost per unit Inventory # of units Value sold # of units in inventory Ending inventory Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,200 units; cost $7.30 each. 8 Purchased 16,000 units for $6.70 each. 14 Sold 12,800 units for $13.20 each. 18 Purchased 9,600 units for $6.20 each. 25 Sold 11,800 units for $12.20 each. 28 Purchased 5,200 units for $5.80 each. 31 Inventory on hand-9,400 units. Exercise 8-14 (Algo) Part 2 2. 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 the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Inventory Balance Cost per unit Perpetual Average Cost of Goods Sold Avg.Cost Cost of per unit Goods Sold # of units Cost per unit Inventory # of units Value sold # of units in inventory Ending inventory Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,200 units; cost $7.30 each. 8 Purchased 16,000 units for $6.70 each. 14 Sold 12,800 units for $13.20 each. 18 Purchased 9,600 units for $6.20 each. 25 Sold 11,800 units for $12.20 each. 28 Purchased 5,200 units for $5.80 each. 31 Inventory on hand-9,400 units. Exercise 8-14 (Algo) Part 2 2. 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 the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Inventory Balance Cost per unit Perpetual Average Cost of Goods Sold Avg.Cost Cost of per unit Goods Sold # of units Cost per unit Inventory # of units Value sold # of units in inventory Ending inventory Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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