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

Aug.1	Inventory on hand3,200 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 hand9,400 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 Inventory Balance Perpetual FIFO: Cost per Cost per Cost per # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost of # of units Goods Sold sold Cost of Goods Sold Total Cost of Goods Sold # of units in inventory End Inver unit unit unit Beg. Inventory 3,200 $ 7.30 23,360 3,200 $ 7.30 23,360 $ 7.30 $ 0 $ 7.30 Purchases: 6.70 6.70 6.70 6.70 6.20 6.20 0 6.20 6.20 August 8 August 18 August 28 Total 16,000 9,600 5,200 34,000 107,200 59,520 30,160 $ 220,240 5.80 5.80 0 5.80 5.80 3,200 $ 23,360 0 $ 0 $ 23,360 0 $