$!$

Required information

Exercise $8-14($Static$)$ 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$-2,000$ units; cost $$5\mathrm{.}30$ each.

August $8$ Purchased $8,000$ units for $$5\mathrm{.}50$ each.

August $14$ Sold $6,000$ units for $$12\mathrm{.}00$ each.

August $18$ Purchased $6,000$ units for $$5\mathrm{.}60$ each.

August $25$ Sold $7,000$ units for $$11\mathrm{.}00$ each.

August $28$ Purchased $4,000$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$-7,000$ units.

Exercise $8-14($Static$)$ 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$[[\backslash$table$[[$Perpetual FIFO:$],[$Beginning Inventory$]],$Cost of Goods Available for Sale,Cost of Goods Sold $-$ August $14,$Cost of Goods Sold $-$ August $25,\backslash$table$[[$Total Cost of$],[$Goods Sold$]],$Inventory Balance$],[\backslash$table$[[\backslash$table$[[$Number$],[$of units$]]],[2,000]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Available for$],[$Sale$]],\backslash$table$[[\backslash$table$[[$Number$],[$of units$],[$sold$]]],[2,000]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[\backslash$table$[[$Number$],[$of units$],[$sold$]]],[0]],\backslash$table$[[$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$]]],[$$$,5\mathrm{.}30,$$$,10,600,$$$,5\mathrm{.}30,$$$,10,600,$$$,5\mathrm{.}30,$$$,,$$$,5\mathrm{.}30,$$Required information $[$The following information applies to the questions displayed below.$]$ Altira Corporation provides the following information related to its merchandise inventory during the month of August $2021$ : Required: $1.$ 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 FIFO method.Required information $[$The following information applies to the questions displayed below.$]$ Altira Corporation provides the following information related to its merchandise inventory during the month of August $2021$: $.$ Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August $31,021,$ 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.$)$