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Required information

Exercise $8-14($Algo$)$ Inventory cost flow methods; perpetual system $[$LO$8-1,8-4]$

$[$The following information applies to the questions displayed below.$]$

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

August $1$ Inventory $on$ hand$-2,200$ units; cost $$6\mathrm{.}30$ each.

August $8$ Purchased $11,000$ units for $$5\mathrm{.}70$ each.

August $14$ Sold $8,800$ units for $$12\mathrm{.}20$ each.

August $18$ Purchased $6,600$ units for $$5\mathrm{.}20$ each.

August $25$ Sold $7,800$ units for $$11\mathrm{.}20$ each.

August $28$ Purchased $4,200$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory $on$ hand$-7,400$ units.

Exercise $8-14($Algo$)$ Part $1$

Required:

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.

$\backslash$table$[[$Perpetual FIFO:,Cost of Goods Available for Sale,Cost of Goods Sold $-$ August $14,$Cost of Goods Sold $-$ August $25,,$Inventory Balance$],[\backslash$table$[[$Number of$],[$units$]],\backslash$table$[[$Cost per$],[$unit$]],,\backslash$table$[[$ost of$],[$oods$],[$lable for$],[$Sale$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Total Cost of$],[$Goods Sold$]],\backslash$table$[[$Number of$],[$units in$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$Beginning Inventory,$2,200,$$ $6\mathrm{.}30,$$$,13,860,2,200,$$ $6\mathrm{.}30,$$$,13,860,,$$ $6\mathrm{.}30,$$ $0,,,$$$,6\mathrm{.}30,$$$,0],[$Purchases:$,,,,,,,,,,,,,,,,,],[$August $8,11,000,5\mathrm{.}70,,62,700,6,600,5\mathrm{.}70,,37,620,,5\mathrm{.}70,,,,,5\mathrm{.}70,,0],[$August $18,6,600,5\mathrm{.}20,,34,320,,5\mathrm{.}20,,0,,5\mathrm{.}20,,,,,5\mathrm{.}20,,],[$August $28,4,200,5\mathrm{.}80,,24,360,,5\mathrm{.}80,,0,,5\mathrm{.}80,,,,,5\mathrm{.}80,,],[$Total$,24,000,,$$$,135,240,8,800,,$$$,51,480,0,,$$ $0,$$ $51,480,0,,,$$$,0]]$