Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2, 500 units; cost $6.60 each. August 8 Purchased 12,500 units for $6.00 each. August 14 Sold 10,000 units for $12.50 each. August 18 Purchased 7,500 units for $5.20 each. August 25 Sold 9,000 units for $11.50 each. August 28 Purchased 4,500 units for $5.80 each. August 31 Inventory on hand-8,000 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO).

Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2, 500 units; cost $6.60 each. August 8 Purchased 12,500 units for $6.00 each. August 14 Sold 10,000 units for $12.50 each. August 18 Purchased 7,500 units for $5.20 each. August 25 Sold 9,000 units for $11.50 each. August 28 Purchased 4,500 units for $5.80 each. August 31 Inventory on hand-8,000 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO).

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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