Altira Corporation provides the following information related to its merchandise inventory during the month of August 20...

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand—7,000 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.

Inventory Balance Inventory on hand Cost of Goods Sold #of units in ending inventory Perpetual Average Cost per unit Inventor

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ekkarill92 answered 2 years ago

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