Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during...
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Accounting
Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug.1 Inventory on hand2,000 units; cost $6.10 each. 8 Purchased 10,000 units for $5.50 each. 14 Sold 8,000 units for $12.00 each. 18 Purchased 6,000 units for $5.00 each. 25 Sold 7,000 units for $11.00 each. 31 Inventory on hand3,000 units. 2. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.)
Perpetual LIFO:
Cost of Goods Available for Sale
Cost of Goods Sold - August 14
Cost of Goods Sold - August 25
Inventory Balance
# of units
Cost per unit
Cost of Goods Available for Sale
# of units sold
Cost per unit
Cost of Goods Sold
# of units sold
Cost per unit
Cost of Goods Sold
# of units in ending inventory
Cost per unit
Ending Inventory
Beg. Inventory
$0.00
$0
$0.00
$0
$0.00
Purchases:
August 8
0.00
0.00
0.00
August 18
0.00
0
0.00
0.00
0
Total
0
$0
0
$0
0
$0
0
$0
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