Week $7$: Homework i

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$8$

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

$6$

August $1$ Inventory on hand$-3,400$ units; cost $\backslash$$$7\mathrm{.}50$ each.

August $8$ Purchased $17,000$ units for $\backslash (\backslash$$ $6\mathrm{.}90\backslash )$ each.

points

August $14$ Sold $13,600$ units for $\backslash (\backslash$$ $13\mathrm{.}40\backslash )$ each.

August $18$ Purchased $10,200$ units for $\backslash (\backslash$$ $6\mathrm{.}40\backslash )$ each.

August $25$ Sold $12,600$ units for $\backslash (\backslash$$ $12\mathrm{.}40\backslash )$ each.

$02$:$44$:$46$

August $28$ Purchased $5,400$ units for $\backslash (\backslash$$ $5\mathrm{.}80\backslash )$ each.

August $31$ Inventory on hand$-9,800$ units.

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 last$-$in$,$ first$-$out $($LIFO$).$

Answer is not complete.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multirow$[$b$]\{2\}\{*\}\{$Perpetual LIFO:$\}$ & $\backslash$multicolumn$\{4\}\{|$c$|\}\{$Cost of Goods Available for Sale$\}$ & $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Cost of Goods Sold $-$ August $14\}$ & $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Cost of Goods Sold $-$ August $25\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{\backslash$multirow$[$b$]\{2\}\{*\}\{$Total Cost of Goods Sold$\}\}$ & $\backslash$multicolumn$\{4\}\{|$c$|\}\{$Inventory Balance$\}\backslash \backslash$

$\backslash$hline & Number of units & $\backslash$begin$\{$tabular$\}\{$l$\}$

Cost $\backslash \backslash$

per $\backslash \backslash$

unit

$\backslash$end$\{$tabular$\}$ & & Goods for Sale & Number of units sold & Cost per unit & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Cost of Goods Sold$\}$ & Number of units sold & Cost per unit & $\backslash$multicolumn$\{2\}\{|$r$|\}\{$Cost of Goods Sold$\}$ & & & Number of units in ending inventory & $\backslash$begin$\{$tabular$\}\{$l$\}$

Cost $\backslash \backslash$

per $\backslash \backslash$

unit

$\backslash$end$\{$tabular$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Ending Inventory$\}\backslash \backslash$

$\backslash$hline Beginning Inventory & $3,400$ & $\backslash [$

$\backslash$begin$\{$array$\}\{$l$\}$

$\backslash$$ $\backslash \backslash$

$7\mathrm{.}50$

$\backslash$end$\{$array$\}$

$\backslash ]$ & $\backslash$$ & $25,500$ & & $\backslash [$

$\backslash$begin$\{$array$\}\{$l$\}$

$\backslash$$ $2\mathrm{.}50$

$\backslash$end$\{$array$\}$

$\backslash ]$ & $\backslash$$ & $0$ & & $\backslash [$

$\backslash$$$\_\{7\mathrm{.}50\}$

$\backslash ]$ & $\backslash$$ & $0$ & & & & $\backslash$$ $7\mathrm{.}50$ & & $\backslash \backslash$

$\backslash$hline Purchases: & & & & & & & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline August $8$ & $17,000$ & $6\mathrm{.}90$ & & $117,300$ & & $6\mathrm{.}90$ & & & & $6\mathrm{.}90$ & & & & & & $6\mathrm{.}90$ & & $\backslash \backslash$

$\backslash$hline August $18$ & $10,200$ & $6\mathrm{.}40$ & & $65,280$ & & $6\mathrm{.}40$ & & $0$ & & $6\mathrm{.}40$ & & & & & & $6\mathrm{.}40$ & & $0\backslash \backslash$

$\backslash$hline August $28$ & $5,400$ & $5\mathrm{.}80$ & & $31,320$ & & $5\mathrm{.}80$ & & $0$ & & $5\mathrm{.}80$ & & & & & & $5\mathrm{.}80$ & & $\backslash \backslash$

$\backslash$hline Total & $36,000$ & & $\backslash$$ & $239,400$ & $0$ & & $\backslash$$ & $0$ & $0$ & & $\backslash$$ & $0$ & $\backslash$$ & $0$ & $0$ & & $\backslash$$ & $0\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$