Homework Help is Here – Start Your Trial Now!
Business
Accounting
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11,000 units for $12.00 each. 28 Purchased 5,000 units for $5.80 each. 31 Inventory on hand-9,000 units. 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 last-in, first-out (LIFO). Cost of Goods Available for Sale Cost Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Total Cost of Goods Sold Cost Cost Cost of Goods Available for Sale # of units Cost Cost of Goods per unit Cost of Goods Sold # of units # of units in ending Cost inventory Endin # of units per unit per unit per unit Invento sold Sold sold Beg. Inventory 3,000 24 $ 7.10 21,300 2$ 7.10 $ 7.10 7.10 Purchases: August 8 15,000 6.50 97,500 6.50 6.50 6.50 6.00 6.00 6.00 6.00 August 18 9,000 54,000 5.80 5,000 5.8 29,000 5.80 5.80 August 28 Total 32,000 201,800

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11,000 units for $12.00 each. 28 Purchased 5,000 units for $5.80 each. 31 Inventory on hand-9,000 units. 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 last-in, first-out (LIFO). Cost of Goods Available for Sale Cost Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Total Cost of Goods Sold Cost Cost Cost of Goods Available for Sale # of units Cost Cost of Goods per unit Cost of Goods Sold # of units # of units in ending Cost inventory Endin # of units per unit per unit per unit Invento sold Sold sold Beg. Inventory 3,000 24 $ 7.10 21,300 2$ 7.10 $ 7.10 7.10 Purchases: August 8 15,000 6.50 97,500 6.50 6.50 6.50 6.00 6.00 6.00 6.00 August 18 9,000 54,000 5.80 5,000 5.8 29,000 5.80 5.80 August 28 Total 32,000 201,800

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 51E: Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases...
See similar textbooks
icon
Related questions
Question
Check my work Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11, 000 units for $12.00 each. 28 Purchased 5,000 units for $5.80 each. 31 Inventory on hand-9,000 units. 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 last-in, first-out (LIFO). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Cost Cost Cost Total Cost Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units sold Cost of Goods Sold # of units in ending Cost inventory Endin Invento # of units of Goods per unit per unit per unit per unit Sold $ 7.10 $ 7.10 Beg. Invento 3,000 21,300 $ 7.10 7.10 Purchases: August 8 15,000 6.50 97,500 6.50 6.50 6.50 August 18 9,000 6.00 54,000 6.00 6.00 6.00 5.80 29,000 5.80 5.80 August 28 Total 5,000 5.8 32,000 201,800 < Prev 8 of 8 Next>
Transcribed Image Text:Check my work Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,000 units; cost $7.10 each. 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11, 000 units for $12.00 each. 28 Purchased 5,000 units for $5.80 each. 31 Inventory on hand-9,000 units. 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 last-in, first-out (LIFO). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: Cost Cost Cost Total Cost Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units sold Cost of Goods Sold # of units in ending Cost inventory Endin Invento # of units of Goods per unit per unit per unit per unit Sold $ 7.10 $ 7.10 Beg. Invento 3,000 21,300 $ 7.10 7.10 Purchases: August 8 15,000 6.50 97,500 6.50 6.50 6.50 August 18 9,000 6.00 54,000 6.00 6.00 6.00 5.80 29,000 5.80 5.80 August 28 Total 5,000 5.8 32,000 201,800 < Prev 8 of 8 Next>
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS