1 answer

Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following...

Question:

Required information [The following information applies to the questions displayed below.] Altira Corporation provides the foCost of Goods Sold - August 14 Cost of Goods Sold - August 25 Cost of Goods Available for Sale Cost of Perpetual FIFO: # of C#of units Cost per unit Ending Inventory in ending inventory $ 0.00 $ 0 0.00 0 0.00 0.00 $ 0 0

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: Aug.1 Inventory on hand-2,300 units; cost $6.40 each. 8 Purchased 11,500 units for $5.80 each. 14 Sold 9, 200 units for $12.30 each. 18 Purchased 6,900 units for $5.00 each. 25 Sold 8, 200 units for $11.30 each. 28 Purchased 4,300 units for $5.80 each. 31 Inventory on hand-7, 600 units. 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.
Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Cost of Goods Available for Sale Cost of Perpetual FIFO: # of Cost per Cost per Cost per Total Cost of Goods Cost of # of units Cost of #of units units unit Available for unit Goods Sold sold unit Goods Sold Goods Sold sold Sale $ Beg. Inventory 0.00 0.00 0 Purchases: 0.00 August 8 0.00 0.00 0.00 August 18 0 August 28 0.00 0 0.00 O$ $ $ Total $ 0 0 0 0 0 0
#of units Cost per unit Ending Inventory in ending inventory $ 0.00 $ 0 0.00 0 0.00 0.00 $ 0 0

Answers

FIFO - PERPETUAL METHOD
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD - AUGUST 14 COST OF GOODS SOLD - AUGUST 25 TOTAL COST OF GOODS SOLD ENDING INVENTORY
Date Particulars No. of Units Cost Per unit Total No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Ending invetory
Aug, 01 Beginning inventory 2300 $                6.40 $14,720 2300 $               6.40 $14,720 $14,720
Purchases:
Aug, 08 Purchases 11500 $                5.80 $66,700 6900 $               5.80 $40,020 4600 $           5.80 $26,680 $66,700
Aug, 18 Purchases 6900 $                5.00 $34,500 3600 $           5.00 $18,000 $18,000 3300 $           5.00 $16,500
Aug, 28 Purchases 4300 $                5.80 $24,940 4300 $           5.80 $24,940
Total                  25,000 $1,40,860                        9,200 $54,740                8,200 $44,680 $99,420                7,600 $41,440
.

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