Question

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-3,600 units; cost $7.70 each 8 Purchased 18,000 units for $7.10 each 14 Sold 14,400 units for $13.60 each 18 Purchased 10,800 units for $6.60 each 25 Sold 13,400 units for $12.60 each 28 Purchased 5,600 units for $5.80 each 31 Inventory on hand-10,200 units. 2. 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 Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Cost of Goods Sold Inventory Balance Inventory on hand #of units in Cost per ending inventory Perpetual Average Cost per unit #of units Avg.Cost sold Inventory Value Cost of Ending inventory #of units Goods Sold unit per unit Beginning Inventory Purchase -August 8 0 $ 0 Sale -August 14 Purchase -August 18 0 $ 0 Sale -August 25 Purchase August 28 0 $ 0 $ 0 0 $ 0 Total

Answer 1

	Inventory on Hand			Cost of Goods Sold			Inventory Balance
	No of unit	Cost per unit	Inventory value	No of unit sold	Avg cost per unit	Cost of Goods sold	No of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	3,600	7.70	27,720
Purchase- August 8	18,000	7.10	127,800
							21,600	7.2	155,520
Sale- August 14				14,400	7.2	103,680
Purchase- August 18	10,800	6.60	71,280
							18,000	6.84	123,120
Sale- August 25				13,400	6.84	91,656
Purchase- August 28	5,600	5.80	32,480
							10,200	6.27	63,944