Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,200 units; cost $7.30 each. 8 Purchased 16,000 units for $6.70 each. 14 Sold 12,800 units for $13.20 each. 18 Purchased 9,600 units for $6.20 each. 25 Sold 11,800 units for $12.20 each. 28 Purchased 5,200 units for $5.80 each. 31 Inventory on hand-9,400 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. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Perpetual FIFO: # of units Cost per Cost of Goods unit Available for Sale # of units sold Cost per unit Cost per unit Cost of Goods Sold Total Cost of # of units in Goods Sold inventory Beg. Inventory 3,200 $7.30 $ 23,360 $ $ Purchases: August 8 16.000 6.70 107.200 August 18 9,600 6.20 59,520 August 28 5,200 5.80 30,160 34,000 $220.240 Total 7.30 6.70 6.20 5.80 Cost of # of units Goods Sold sold 0 7.30 6.70 6.20 5.80 Inventory Balance Cost per unit $ 7.30 6.70 6.20 5.80 Ending Inventory