Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,000 units; cost $7.10 each. August 8 Purchased 15,000 units for $6.50 each. August 14 Sold 12,000 units for $13.00 each. August 18 Purchased 9,000 units for $6.00 each. August 25 Sold 11,000 units for $12.00 each. August 28 Purchased 5,000 units for $5.80 each. August 31 Inventory on hand-9,000 units. Required: 1. 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 the FIFO method. Cost of Goods Sold - August 25 Cost of Goods Available for Sale Cost of Goods Sold - August 14 Inventory Balance Perpetual FIFO: Number of Cost per units unit Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold sold Number of units sold Cost per unit Cost of Total Cost of Goods Sold Goods Sold Number of units in inventory Cost per unit Ending Inventory Beginning Inventory 3,000 $ 7.10 $ 21,300 os 7.10 0 $ 7.10 $ 이 3,000 $ 7.10 $ 21,300 Purchases: August 8 15,000 6.50 97,500 12,000 6.50 78,000 2,000 6.50 13,000 1,000 6.50 6,500 August 18 9,000 6.00 54,000 이 6.00 이 9,000 6.00 54,000 0 6.00 August 28 5,000 5.80 29,000 0 5.80 0 5.80 5,000 5.80 29,000 Total 32,000 $ 201,800 12,000 $ 78,000 11,000 $ 67,000 $ 145,000 9,000 $ 56,800
Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,000 units; cost $7.10 each. August 8 Purchased 15,000 units for $6.50 each. August 14 Sold 12,000 units for $13.00 each. August 18 Purchased 9,000 units for $6.00 each. August 25 Sold 11,000 units for $12.00 each. August 28 Purchased 5,000 units for $5.80 each. August 31 Inventory on hand-9,000 units. Required: 1. 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 the FIFO method. Cost of Goods Sold - August 25 Cost of Goods Available for Sale Cost of Goods Sold - August 14 Inventory Balance Perpetual FIFO: Number of Cost per units unit Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold sold Number of units sold Cost per unit Cost of Total Cost of Goods Sold Goods Sold Number of units in inventory Cost per unit Ending Inventory Beginning Inventory 3,000 $ 7.10 $ 21,300 os 7.10 0 $ 7.10 $ 이 3,000 $ 7.10 $ 21,300 Purchases: August 8 15,000 6.50 97,500 12,000 6.50 78,000 2,000 6.50 13,000 1,000 6.50 6,500 August 18 9,000 6.00 54,000 이 6.00 이 9,000 6.00 54,000 0 6.00 August 28 5,000 5.80 29,000 0 5.80 0 5.80 5,000 5.80 29,000 Total 32,000 $ 201,800 12,000 $ 78,000 11,000 $ 67,000 $ 145,000 9,000 $ 56,800
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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