Question

Help Altira Corpor the month of August 2018: ation uses a perpetual inventory system. The following transactions affected its merchandise inventory during Aug.1 Inventory on hand-2,380 units; cost $6.48 each. 8 Purchased 11,580 units for $5.88 each. 14 Sold 9,288 units for $12.30 each 18 Purchased 6,988 units for $5.00 each. 25 Sold 8,280 units for $11.30 each 31 Inventory on hand-3,308 units. Exercise 8-14 Part 1 Required: 1. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the FIFO method. (Round “Cost per Unit” to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold August 14 Cost of Goods Sold August 25 #ot units unit Goods Soild inventory cost of #of | # of units | Cost per l cost of Cost per #of Cost per l Goods units unit Available for Cost per Cost of Units unit Goods Sold soldu sold Sale Beg Inventory Purchases August 8 August 18 Prex 2 of 3 Next > 0

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