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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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