Question

Aug.1	Inventory on hand—3,900 units; cost $8.00 each.
8	Purchased 19,500 units for $7.40 each.
14	Sold 15,600 units for $13.90 each.
18	Purchased 11,700 units for $6.60 each.
25	Sold 14,600 units for $12.90 each.
28	Purchased 5,900 units for $5.80 each.
31	Inventory on hand—10,800 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).

Perpetual LIFO: Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beg. Inventory 3,900 $8.00 $31,200 x $8.00 $0 x $8.00 $0 3,900 $8.00 $31,200 Purchases: August 8 19,500 7.40 144,300 x 7.40 x 7.40 x 7.40 August 18 11,700 6.60 77,220 x 6.60 0 x 6.60 x 6.60 0 August 28 5,900 5.80 34,220 x 5.80 0 x 5.80 x 5.80 Total 41,000 $286,940 0 $0 0 $0 $0 3,900 $31,200

*IMPORTANT: The x's I placed in the boxes are the answers I need*

Answer 1

--Sold as per LIFO. Sold units are first taken from latest purchases.

Perpetual LIFO:	Cost of Goods Available for Sale			Cost of Goods Sold - August 14			Cost of Goods Sold - August 25				Inventory Balance
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	Total Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beg. Inventory	3,900	$                                                 8.00	$31,200	0	$             8.00	$0	0	$                               8.00	$0		3,900	$8	$31,200
Purchases:
Aug-08	19,500	$                                                 7.40	$144,300	15600	$             7.40	$115,440	2900	$                               7.40	$21,460		1,000	$                   7.40	$7,400
Aug-18	11,700	$                                                 6.60	$77,220	0	$             6.60	$0	11700	$                               6.60	$77,220		0	$                   6.60	$0
Aug-28	5,900	$                                                 5.80	$34,220	0	$             5.80	$0	0	$                               5.80	$0		5,900	$                   5.80	$34,220
Total	41000		$286,940	15600		$115,440	14600		$98,680	$98,680	10800		$72,820