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. Required: 1. 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 FIFO method.

Answer is not complete. August 14 Inventory Balance Cost of Goods Sold -August 25 #of units in ending inventory Cost of Goods Sold #of units sold Cost of Goods Sold Total Cost of Goods Sold Cost Cost Ending Inventory per unit per unit $ 10,600 5.30 0 5.30 0 22,000 6,000 5.50 33,000 5.50 0 0 7,000 5.60 39,200 5.60 5.80 5.80 $ 32,600 $ 72,200 $ 13,000 104,800 C 0 A Required 1. 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 FIIFO method. Answer is not complete. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Perpetual FIFO: Cost of Goods Available #of units Cost of Cost Total Cost #of #of Cost of # of units Cost Cost of u per unit per unit nte inventor nit sold Sold sold Sold Sold for Sale Beg. Inventory Purchases: $ $ 2,000 $5.30 $ 10,600 2,000 $ 5.30 5.30 0 10,600 August 8 8,000 5.50 4.000 5.50 22,000 6,000 5.50 33,000 44.000 7,000 X 39,200 August 18 6.000 5.60 33,600 5.60 0 5.60 4,000 5.80 August 28 5.80 23,200 5.80 $ 72,200 $ 32,600 $ 111,400 6.000 13.000 104,800 Total 20,000