$!$

Required information

Exercise $8-14($Algo$)$ Inventory cost flow methods; perpetual system $[$L$08-1,8-4]$

$[$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$-2,900$ units; cost $$7\mathrm{.}00$ each.

August $8$ Purchased $14,500$ units for $$6\mathrm{.}40$ each.

August $14$ Sold $11,600$ units for $$12\mathrm{.}90$ each.

August $18$ Purchased $8,700$ units for $$6\mathrm{.}00$ each.

August $25$ Sold $10,600$ units for $$11\mathrm{.}90$ each.

August $28$ Purchased $4,900$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$-8,800$ 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 $31,2024,$ 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.

$\backslash$table$[[$Perpetual Average,Inventory on hand,Cost of Goods Sold,Inventory Balance$],[\backslash$table$[[$Number$],[$of units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Inventory$],[$Value$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Average$],[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number of$],[$units in$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$inventory$]]],[$Beginning Inventory$],[$Purchase $-$ August $8],[],[$Sale $-$ August $14],[$Purchase $-$ August $18],[,,,,,,,,,],[$Sale $-$ August $25],[$Purchase $-$ August $28],[$Total$,,,,,,,,,]]$