Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand7,000 units. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the Average cost method.

Inventory Balance Inventory on hand Cost of Goods Sold #of units in ending inventory Perpetual Average Cost per unit Inventory # of units Avg.Cost sold Cost per c Cost of Ending inventory #of units Value Goods Sold unit per unit Beginning Inventory 2,000 $ 8,000 $ 2,000 5.30 $ 10,600 5.30 $ 10,600 8,000$ Purchase -August 8 5.50 44,000 5.50 $ 44,000 10,000 $ 54,600 Sale August 14 6,000 $ 5.45 32,700 Purchase August 18 6,000 $ 33,600 5.60 C 0 7,000 $ Sale August 25 5.70 39,900 4,000$ Purchase August 28 $ 5.80 23,200 5.80 4,000 23,200 20,000 $ 111,400 $ $ Total 72,600 4,000 23,200