Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug. 1 Inventory on hand3, 100 units; cost $7.20 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $5.80 each. 25 Sold 11,400 units for $12.10 each. 28 Purchased 5, 100 units for $5.80 each. 31 Inventory on hand-9,200 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 Cost per Cost per Cost per # of units Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units sold Cost of Goods Sold Total Cost of Goods Sold Ending Inventory # of units in inventory unit unit unit unit Beg. Inventory 3,100 $ 7.20 $ 22,320 $ 7.20 $ 7.20 $ 7.20 Purchases: 6.60 102,300 6.60 6.60 6.60 August 8 August 18 August 28 15,500 9,300 5,100 5.80 53,940 5.80 5.80 5.80 5.80 5.80 0 5.80 5.80 29,580 208,140 Total 33,000 $