Altira Corporation provides the following information related to its inventory during the month of August...
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Accounting
Altira Corporation provides the following information related to its inventory during the month of August 2024:
August 1
Inventory on hand3,700 units; cost $7.80 each.
August 8
Purchased 18,500 units for $7.20 each.
August 14
Sold 14,800 units for $13.70 each.
August 18
Purchased 11,100 units for $6.40 each.
August 25
Sold 13,800 units for $12.70 each.
August 28
Purchased 5,700 units for $5.80 each.
August 31
Inventory on hand10,400 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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