Texts: 3 Exercise 8-15 (Algo) LIFO; perpetual system [LO8-1, 8-4]
0.14 points
August 1 Inventory on hand - 4,000 units; cost $8.10 each.
August 8 Purchased 20,000 units for $7.50 each.
August 14 Sold 16,000 units for $14.00 each.
August Purchased 12,000 units for $7.00 each.
August 25 Sold 15,000 units for $13.00 each.
August 28 Purchased 6,000 units for $5.80 each.
August 31 Inventory on hand - 11,000 units.
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Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024.
Cost of Goods Available for Sale
Cost of Goods Sold - August 14
Cost of Goods Sold - August 25
Inventory Balance
Perpetual LIFO:
Number of units
Cost
Cost of Goods
Number of
Cost
Cost of
per
Available for Sale
units sold
per unit
unit
Number of units sold
Cost
Cost of
Number of
Total Cost of
Cost per
Ending
per Goods Sold
Goods Sold
units in
ending unit
Inventory
$8.10
69
8.10
Beginning Inventory
Purchases:
August 8
August 18
August 28
Total
4,000
$8.10
s
32,400
$8.10
$
of
20,000
7.50
12,000
7.00
6,000
5.80
42,000
150,000
84,000
34,800
301,200
7.50
7.00
5.80
7.50
7.00
5.80
7.50
7.00
5.80
of
o
o
so
0
