Question

Help Amra Lorporation uses a perpetuai inventory system. i ne ronowing transacoons anectea ies mercnanase invenmtory aunng Aug.1 Inventory on hand-2,280 units; cost $6.30 each. & Purchased 11,0e0 units for $5.78 each. 14 Sold 8,880 units for $12.20 each. 18 Purchased 6,600 units for $5.28 each. 25 Sold 7,880 units for $11.28 each. 31 Inventory on hand-3,200 units. Exercise 8-14 Part 1 Required 1. Determine the inventory balance Altira would report in its August 31,2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the FIFO method. (Round “Cost per Unit” to 2 decimal places.) Balance Cost of Goods Available for Sale Cost of Goods Sold – August 14 Cost per Cost of Cost of Goods Sold-August 25 cost of Goods Sale #of of units Cost per Cost of Cost per Ending #of units unit Available for |Cost per | unit Goods Sold inventory Inventory sold unit Goods Sold sold Beg Inventory Purchases August 8 August 18