Week $7$: Homework Week $7$: Homework

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$8$

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

August $1$ Inventory on hand$-2,300$ units; cost $$6\mathrm{.}40$ each.

$\begin{array}{cc}\text{p}\text{o}\text{i}\text{n}\text{t}\text{s}& \text{e}\text{B}\text{o}\text{o}\text{k}\\ \text{H}\text{i}\text{n}\text{t}& \text{A}\text{s}\text{k}\\ \text{P}\text{r}\text{i}\text{n}\text{t}& \text{R}\text{e}\text{f}\text{e}\text{r}\text{e}\text{n}\text{c}\text{e}\text{s}\end{array}$

August $8$ Purchased $11,500$ units for $$5\mathrm{.}80$ each.

August $14$ Sold $9,200$ units for $$12\mathrm{.}30$ each.

August $18$ Purchased $6,900$ units for $$5\mathrm{.}00$ each.

August $25$ Sold $8,200$ units for $$11\mathrm{.}30$ each.

August $28$ Purchased $4,300$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$-7,600$ 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$).$

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$8$

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

August $1$ Inventory on hand$-2,300$ units; cost $$6\mathrm{.}40$ each.

$\begin{array}{cc}\text{p}\text{o}\text{i}\text{n}\text{t}\text{s}& \text{e}\text{B}\text{o}\text{o}\text{k}\\ \text{H}\text{i}\text{n}\text{t}& \text{A}\text{s}\text{k}\\ \text{P}\text{r}\text{i}\text{n}\text{t}& \text{R}\text{e}\text{f}\text{e}\text{r}\text{e}\text{n}\text{c}\text{e}\text{s}\end{array}$

August $8$ Purchased $11,500$ units for $$5\mathrm{.}80$ each.

August $14$ Sold $9,200$ units for $$12\mathrm{.}30$ each.

August $18$ Purchased $6,900$ units for $$5\mathrm{.}00$ each.

August $25$ Sold $8,200$ units for $$11\mathrm{.}30$ each.

August $28$ Purchased $4,300$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$-7,600$ 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$).$