Required information Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system (LO8-1,8-4] 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 Rp.1 Iwwentory on hand-3,500 units cost $7.60 each Purchased 12.500 units for $7.00 each 14 Sold 14,000 units for $13.50 each 1 Purchased 10.500 units for $6.00 each 25 Sold 13,000 units for 512.50 each 28 Purchased 5,500 units for 55.00 h. * Inventory on hand-10,000 units. Exercise 8-14 (Algo) Part 1 Required: 1. Using calculations based on a perpetuat inventory system, determine the inventory balance Altra 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 Com of Good Avoide for Sale Cost of Goods Sold August 14 Cost of Goods Sold August 25 Inventory Blolante Perus Cost of of Cost per Goods of units Cost Cost of of Cost per of Cost of Tocal Cost of Cost per Endag Available for Goods Sold sok Goods Sold Goods Sold Sale wory Inventory Bog. Inventory 3.500 5760 26600 5 76 5 7.00 5 2.60 Purchase August 17.500 700 122.500 700 7.00 August 18 10.500 500 71.400 600 0 600 6.80 August 20 5 500 5.80 3190 500 0 5.00 5.80 To 37 000 252 400 . 5 Os 5 in 700 0 $ Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on hand-3,500 units; cost $7.60 each, 8 Purchased 17,500 units for $7.00 each. 14 Sold 14,000 units for $13.50 each. 18 Purchased 10,500 units for $6.80 each 25 Sold 13,000 units for $12.50 each. 28 Purchased 5,500 units for $5.80 each. 31 Inventory on hand-10,000 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 Cost of Goods Sold Perpetual Average Cost per #ol units Inventory Value Inventory Balance #ot units in Cost per Ending inventory Inventory # of units Avg.Cost sold unit Cost of Goods Sold per unit Beginning Inventory Purchase - August 0 5 0 Sale - August 14 Purchase August 18 0 5 0 Sale - August 25 Purchase August 20 Total 5 0 5 Altra Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug 1 Inventory on hand-3,508 units; cost 57.60 each. 8 Purchased 17,500 units for $7.00 each 14 Sold 14,000 units for $13.50 each 18 Purchased 10,500 units for $6.80 each. 25 Sold 13,000 units for 512.50 each. 28 Purchased 5,500 units for $5.50 cach, 31 Inventary on hand-10,000 units. Exercise 8-14 (Algo) Part 1 Required: 1. Using calculations based on a perpetual inventory system, determine the inventory balance Aitra 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 Cost of Goods Available for Sale Cost of Goods Sold August 14 Cost of Goods Sold August 25 Inventory Balance De FEO of its Cost per of its Cost pe ol units Gold Gost per unit Contor Goods Kold of units Cost per unt old Corror Goods Sold Total Cost of Goods Sold unit Ending Intory Cost of Goods unit Available for Sole 3,500 $ 750 $ 26600 Inventory 760 5 7605 $ 7.505 Beg Inventory Purchases August August 10 August 28 Total 17.500 10.500 5.500 37 000 7.00 6.80 5.50 122,500 71400 31,900 252100 700 600 580 0 0 7.00 5.00 5.80 700 6 ad 580 10 0 5 $ 0 5 C 0.5 5 0 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on hand-3,500 unitscost $7.60 each. 8 Purchased 17,500 units for $7.00 each. 14 Sold 14,000 units for $13.50 each. 18 Purchased 10,500 units for $6.80 each. 25 Sold 13,000 units for $12.50 each. 28 Purchased 5,500 units for $5.89 each. 31 Inventory on hand-18,000 units. Exercise 8-14 (Algo) Part 2 2. Using calculations based on a perpetual inventory system, determine the inventory balance Albira 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 Perpetual Atat Cost of Goods Sold of units Avg.Cost Cost of sold Goods Sold Inventory Value of units Cost per #of units in Cost per Inventory unit Ending inventory per unit Beginning Inventory Purchase August 8 0 $ 0 Sale - August 14 Purchase - August 18 0 $ 0 Sale - August 25 Purchase - August 28 Total 0 0 0 5 0