sived

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Required Informatlon

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

$[$The following information applles 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$-2,16$e units; cost $$6\mathrm{.}20$ each.

August & Purchased $10,500$ units for $$5\mathrm{.}60$ each.

August $14$ sold $8,400$ units for $$12\mathrm{.}10$ each.

august $18$ Purchased $6,3e0$ units for $$5\mathrm{.}40$ each.

August $25$ sold $7,400$ units for $$11\mathrm{.}10$ each.

August $28.$Purchased $4,1$ee units for $$5.$ Se each.

August $31$ Inventory on hand$-7,2$ee 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$[[\backslash$table$[[$Perpetual FIFO:$],[$Beginning Inventory$]],$Cost of Goods Available for Ssle,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$[[\backslash$table$[[$Number of$],[$units$]]],[2,100]]]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Available 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$],[0]],\backslash$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$]]],[$$$6\mathrm{.}20,5,13,020,$$$,6\mathrm{.}20,5,620,5,$$$,6\mathrm{.}20,5],[\backslash$table$[[$Beginning inventory$],[$Purchases:$]]],[$August $8,10,500,5\mathrm{.}60,,58,800,,5\mathrm{.}60,,,,5\mathrm{.}60,,,,,5\mathrm{.}60,0],[$August $18,6,300,5\mathrm{.}40,,34,0207,,5\mathrm{.}40,0,,,5\mathrm{.}40,,,,,5\mathrm{.}40,],[$August $28,4,100,5\mathrm{.}80,,23\mathrm{.}780,,5\mathrm{.}80,0f,,,5\mathrm{.}80,,,,,5\mathrm{.}80,],[$Total$,23,000,,5,129,620,0,,5,0,,,5,$$$,0,,,$$