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Altira Corporation provides the following information related to its merchandise Inventory during the month of August 2021 Aug. 1 Inventory on hand 2,000 units cost

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Altira Corporation provides the following information related to its merchandise Inventory during the month of August 2021 Aug. 1 Inventory on hand 2,000 units cost $5.50 each Purchased 5,000 units for $5.50 each 14 Sold 6,000 units for $12.00 each 16 Purchased 6,000 units for $5.60 each 25 Sold 7.000 units for $11.00 each 28 Purchased 4,000 units for $5.00 each 31 Inventory on hand 7,000 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 Sold - August 26 Inventory Balance Perpetual FIFO Cost of Goods Available for Sale Cost of Goods Sold August 14 Cost of # of #of Cost per Goods Cost of Cost per units units Available for unit unit Goods Sold sold 2.000 5500S 10.000 2.000 $ 5305 10.000 of units cost per sold unit Cost of Goods Sold Total Cost of Goods Sold of units in inventory Cost per unit Ending Inventory 5305 0 5 530$ 0 Derventory Purchases August August 10 0 4.000 8000 6 000 550 500 44000 33.000 5.50 5 60 22.000 0 550 500 5.50 500 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 Inventory Balance Cost of Goods Sold - August 25 Total Cost of Goods Sold Cost of Goods Sold of units in inventory Ending Inventory Cost per unit of units Cost per sold unit Cost per Perpetual EO. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of of Cost per of Goods units Cost of unit Available for sold unt Goods Sold Sale 2.000 5.530S 10.000 2000s 53 5 10,000 0 $ 5305 units 0 5 5305 550 4,000 22.000 0 Beginventory Ipurchases August August Aug 28 Total 550 560 5.30 550 560 530 550 560 5.00 580 3000 5.000 4000 20.000 44000 33500 23 200 119.400 5 0 OS 0 6 000 5 32.000 $ 0 3600

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