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 complete but not entirely correct. Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost of # of Cost Goods per units Available unit for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in inventory Cost per unit Ending Inventory 2,000 $5.30 $ 10,600 2,000S $ 5.30 $ 10,600 0$ 5.30 $ 0 0 OS $ 5.30 $ 0 5.50 44,000 5.50 44,000 5.50 0 0 5.50 0 Beg. Inventory Purchases: August 8 August 18 August 28 Total 8,000 6,000 8,000 X 0 6.000 6.000 X 33,000 33,600 5.60 33,600 5.60 0 5.60 5.60 44.800 5.80 5.80 5.80 5.80 4,000 20,000 40,600 23,200 $ 111,400 8,000 X 7,000 % 15,000 0 0 10,000 0 0 12,000 $ 54,600 $ 66,600 $ 121,200 $ 85,400