Question
In: Accounting
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
| Aug.1 | Inventory on hand—2,600 units; cost $5.90 each. |
| 8 | Purchased 13,000 units for $6.10 each. |
| 14 | Sold 10,400 units for $12.60 each. |
| 18 | Purchased 7,800 units for $6.20 each. |
| 25 | Sold 9,400 units for $11.60 each. |
| 28 | Purchased 4,600 units for $5.80 each. |
| 31 | Inventory on hand—8,200 units. |
Required:
Using calculations based on a periodic 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 each of the following cost flow
methods.
FIFO
LIFO
Average cost
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
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.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
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 $6.90 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 $7.20 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.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1
Inventory on hand—3,800 units; cost $7.10 each.
8
Purchased 19,000 units for $7.30 each.
14
Sold 15,200 units for $13.80 each.
18
Purchased 11,400 units for $7.40 each.
25
Sold 14,200 units for $12.80 each.
28
Purchased 5,800 units for $5.80 each.
31
Inventory on hand—10,600 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
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. Using calculations based on a perpetual
inventory system, determine the inventory balance Altira would
report...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021: Aug.1
Inventory on hand—2,800 units; cost $6.90 each. 8 Purchased 14,000
units for $6.30 each. 14 Sold 11,200 units for $12.80 each. 18
Purchased 8,400 units for $5.80 each. 25 Sold 10,200 units for
$11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory
on hand—8,600 units. 2. Using calculations based on a perpetual
inventory system, determine the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1
Inventory on hand—2,500 units; cost $5.80 each.
8
Purchased 12,500 units for $6.00 each.
14
Sold 10,000 units for $12.50 each.
18
Purchased 7,500 units for $6.10 each.
25
Sold 9,000 units for $11.50 each.
28
Purchased 4,500 units for $5.80 each.
31
Inventory on hand—8,000 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
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...
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,700 units; cost $6.80 each.
8
Purchased 13,500 units for $6.20 each.
14
Sold 10,800 units for $12.70 each.
18
Purchased 8,100 units for $5.60 each.
25
Sold 9,800 units for $11.70 each.
28
Purchased 4,700 units for $5.80 each.
31
Inventory on hand—8,400 units.
Required:1. Using calculations based on a perpetual inventory system, determine the inventory balance...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2017 is available:
Inventory cost flow methods; periodic systemAltira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2017 is available: Aug.1 Inventory on hand—6,500 units; cost
$7.90 each.8 Purchased 24,000 units for $6.9
each.14 Sold 18,000 units for $13.4 each.18 Purchased 13,000 units for $6.4
each.25 Sold 17,000 units for $12.4 each.31 Inventory on hand—8,500 units.Required:Determine the inventory balance Altira would report in its
August 31, 2017, balance sheet and the cost of goods sold it would
report in...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available:
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available:Aug. 1 Inventory on hand - 10,500 units; cost $8.80 each8 Purchased 30,000 units for $7.50 each14 Sold 21,000 units for $14.00 each18 Purchased 16,000 units for $7.00 each25 Sold 20,000 units for $13.00 each31 Inventory on hand - 15,500 unitsRequired: Determine the inventory balance
Altira would report in it's August 31, 2018, balance sheet and the
cost...
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