Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completon. Return Required information The following information applies to the questions displayed below) Altita Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on hand-3,800 units cost $7.90 each. 8Purchased 19,000 units for $7.30 each 14 Sold 15,200 units for $13.00 each 18 Purchased 11,400 units for $6.80 each 25 Sold 14,200 units for $12.80 each. 28 Purchased 5,800 units for $5.80 cach. 31 Inventory on hand-10,600 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 not complete. 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 202 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 14 Cost of Goods Sold August 25 Perpetual FIFO: Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 3,800 S 7.90 $ 30.020 #of units sold Cost per Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold Total Cost of Goods Sold unit 3,800 5 7.90 $ 30020 01 $ 7.905 0 14.2001 103,660 Beg Inventory Purchases August 8 August 18 August 28 Total 19,000 11,400 5,800 40,000 7.30 6.80 5.80 138,700 15,200 77,520 7,600 33.640 $ 279,880 26,600 7.30 6.80 5.80 110 960 51,680 0 S 192,660 7.30 6.80 5.80 14 200 $ 103,660 $ 296,320 August bi, 20 , d. Inventory Balance Total Cost of Goods Sold Cost per old # of units in inventory unit Ending Inventory 0 3,800 $ 7.90 GA 30,020 660 22.800 7.30 166,440 6.80 5.80 660 $ 296.320 26,600 $ 196.460