Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:

Aug.1	Inventory on hand3,000 units; cost $7.10 each.
8	Purchased 15,000 units for $6.50 each.
14	Sold 12,000 units for $13.00 each.
18	Purchased 9,000 units for $6.00 each.
25	Sold 11,000 units for $12.00 each.
28	Purchased 5,000 units for $5.80 each.
31	Inventory on hand9,000 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.

Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: Cost per # of units Cost per unit Cost of Goods Available for Sale Cost per # of units sold Cost per unit Cost of Goods Sold # of units sold Cost of Goods Sold Total Cost of Goods Sold # of units in inventory Ending Inventory unit unit 3,000 $ 7.10 $ 21,300 $ 7.10 $ 7.10 $ 7.10 15.000 6.50 97,500 6.50 6.50 6.50 Beg. Inventory Purchases: August 8 August 18 August 28 Total 9,000 6.00 6.00 6.00 6.00 54,000 29,000 5.80 5.80 0 5.80 5.80 5,000 32,000 $ 201,800