Chrome File Edit View History Bookmarks People Window Help イ令58%「- E Tue 1:57:08 AM Nupur Kaur Q。Ξ ●

Chrome File Edit View History Bookmarks People Window Help イ令58%「- E Tue 1:57:08 AM Nupur Kaur Q。Ξ ● N Netflix 4. x E, Forum: Yo × ) Pinterest × Peoria Emx @ Spinbot.c × . Cengage × : Cengage: x D chapter ε × R Facebook x e Accountir x、 Divyot ← ⓘ ezto.mheducation.com/hm.tpx N Netflix 。▶ Non Stop Bhangr 0.00 points Apps O Learn Kirtan : Deh s...-online books Course: F 17 Planeta-.. Cengage NOWV2 | A...。(1) Old Bollywood s.. Other Bookmarks Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2016: Aug.1 Inventory on hand-3,700 units; cost $7.80 each 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each 31 Inventory on hand-4,700 units. Required: Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods: (Round Average 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 Inventory Balance Cost of | # of units Goods Sold in ending Cost per Ending #of cost per Goods units Cost of Goods Sold sold t per unit | | # of units Cost per | Cost of unit Available for units Salc unit sold nventory unit Beg. Inventory Purchases: August 8 August 18 Total 39 12

Chrome File Edit View History Bookmarks People Window Help イ令58%「- E Tue 1:57:08 AM Nupur Kaur Q。Ξ ● N Netflix 4. x E, Forum: Yo × ) Pinterest × Peoria Emx @ Spinbot.c × . Cengage × : Cengage: x D chapter ε × R Facebook x e Accountir x、 Divyot ← ⓘ ezto.mheducation.com/hm.tpx N Netflix 。▶ Non Stop Bhangr 0.00 points Apps O Learn Kirtan : Deh s…-online books Course: F 17 Planeta-.. Cengage NOWV2 | A…。(1) Old Bollywood s.. Other Bookmarks Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2016: Aug.1 Inventory on hand-3,700 units; cost $7.80 each 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each 31 Inventory on hand-4,700 units. Required: Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods: (Round “Average 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 Inventory Balance Cost of | # of units Goods Sold in ending Cost per Ending #of cost per Goods units Cost of Goods Sold sold t per unit | | # of units Cost per | Cost of unit Available for units Salc unit sold nventory unit Beg. Inventory Purchases: August 8 August 18 Total 39 12

Expert Answer

 

Solution.

Cost of goods available for sale Cost of goods sold 14-Aug Cost of goods sold 14-Aug Inventory Balance
Perpetual FIFO: No of Unit Costr per Unit Cost of goods Avl. For sale No. of unit sold Cost per Unit Cost of goods sold No. of unit sold Cost per Unit Cost of goods sold No. of unit ending Inv. Cost per Unit Endning Inventory
Beg. Inventory               3,700              7.80            28,860         3,700           7.80      28,860           7.80                –           7.80                   –
Purchases:
8-Aug            18,500              7.20          133,200      11,100           7.20      79,920         7,400           7.20      53,280           7.20                   –
18-Aug            11,100              6.40            71,040           6.40                –         6,400           6.40      40,960           4,700           6.40          30,080
Total            33,300            21.40          233,100      14,800         21.40    108,780      13,800         21.40      94,240           4,700         21.40          30,080
Cost of goods available for sale Cost of goods sold 14-Aug Cost of goods sold 14-Aug Inventory Balance
Perpetual LIFO: No of Unit Costr per Unit Cost of goods Avl. For sale No. of unit sold Cost per Unit Cost of goods sold No. of unit sold Cost per Unit Cost of goods sold No. of unit ending Inv. Cost per Unit Endning Inventory
Beg. Inventory               3,700              7.80            28,860           7.80                –           7.80                –           3,700           7.80          28,860
Purchases:
8-Aug            18,500              7.20          133,200         3,700           7.20      26,640      13,800           7.20      99,360           1,000           7.20            7,200
18-Aug            11,100              6.40            71,040      11,100           6.40      71,040           6.40                –           6.40                   –
Total            33,300            21.40          233,100      14,800         21.40      97,680      13,800         21.40      99,360           4,700         21.40          36,060
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