Required information [The following information applies to the questions displayed below.] Altira Corporation provides the...
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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-4,000 units; cost $8.10 each. 8 Purchased 20,000 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.00 each. 25 Sold 15,000 units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand-11,000 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 Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: Cost of Goods Cost # of units # of units sold per unit Available for Sale Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Total Cost of Goods Sold Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beg. Inventory Purchases: August 8 August 18 August 28 Total
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