Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,600 units; cost $7.70 each. 8 Purchased 18,000 units for $7.10 each. 14 Sold 14,400 units for $13.60 each. 18 Purchased 10,800 units for $6.60 each. 25 Sold 13, 400 units for $12.60 each. 28 Purchased 5,600 units for $5.80 each. 31 Inventory on hand-10,200 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 sold Cost per Cost of # of units Goods unit Available for Sale 3,600 $ 7.70 $ 27,720 Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in inventory Cost per unit unit Ending Inventory 3,600 $ 7.70 $ 27.720 0 $ 7.70 $ 0 $ 7.70 $ 0 7.10 0 Beg. Inventory Purchases: August 8 August 18 August 28 Total 7.10 6.60 127,800 71,280 10,800 7.200 6.60 18,000 10,800 5,600 38,000 76,680 47,520 0 151,920 7.10 6.60 5.80 7.10 6.60 5.80 5.80 5.80 32,480 $ 259,280 21,600 $ 0 $ 0 $ 151,920 $ 0 Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average # of units Cost per Inventory Value # of units Avg.Cost sold per unit Cost of Goods Sold # of units in Cost per inventory unit unit Ending inventory 3,600 $ 7.70 $ 27,720 Beginning Inventory Purchase - August 8 3,600 $ 7.70 $ 18,000 $ 7.10 27,720 127,800 $ 27,720 3,600 7,200 14,400 Sale - August 14 Purchase - August 18 10,800 $ 6.60 71,280 7,200 $ 0 Sale - August 25 Purchase - August 28 Total 5,600 $ 5.80 38,000 32,480 259,280 $ $ 0 0 $ 0