Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,100 units; cost $7.20 each. August 8 Purchased 15,500 units for $6.60 each. August 14 Sold 12,400 units for $13.10 each. August 18 Purchased 9,300 units for $5.80 each. August 25 Sold 11,400 units for $12.10 each. August 28 Purchased 5,100 units for $5.80 each. August 31 Inventory on hand-9,200 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altire would report in its August 31, 201 balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO) Goods Sold August
Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,100 units; cost $7.20 each. August 8 Purchased 15,500 units for $6.60 each. August 14 Sold 12,400 units for $13.10 each. August 18 Purchased 9,300 units for $5.80 each. August 25 Sold 11,400 units for $12.10 each. August 28 Purchased 5,100 units for $5.80 each. August 31 Inventory on hand-9,200 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altire would report in its August 31, 201 balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-in, first-out (LIFO) Goods Sold August
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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