Exercise 8-14 Inventory cost flow methods; perpetual system [LO8-1, 8-4]

Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018:

Aug.1	Inventory on hand2,300 units; cost $6.40 each.
8	Purchased 11,500 units for $5.80 each.
14	Sold 9,200 units for $12.30 each.
18	Purchased 6,900 units for $5.00 each.
25	Sold 8,200 units for $11.30 each.
31	Inventory on hand3,300 units.

Exercise 8-14 Part 2

2. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.)

2. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.) X Answer is not complete. Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Cost of Goods Available for Sale Cost of Cost # of Goods per units Available unit for Sale Cost Cost Cost # of units sold Cost of Goods Sold # of units sold Cost of Goods Sold # of units in ending inventory Ending Inventory per unit per unit per unit 2,300 $ 6.40 $ 14,720 0 $ 6.40 $ 0 0 $ 6.40 $ 0 $ 6.40 Beg. Inventory Purchases: 11,500 5.80 66,700 9,200 5.80 5.80 5.80 August 8 August 18 6,900 5.00 5.00 5.00 53,360 34,500 $ 87,860 5.00 34,500 $ 115,920 0 6,900 16,100 Total 20,700 0 $ 0 0 0