Checy Aug. 1 Inventory on hand-2,000 units; cost $5.30 wach # Purchased 8.000 units for $5.50 each 14 Sold 6,000 units for $17.00 each 18 Purchased 6,000 nits for $5.50 each 25 Sold 7.000 units for $11.00 each 28 Purchased 4.000 units for $5.00 each 31 Inventory on hand 7,000 units Required: 1. Using calculations based on a perpetual inventory system, determine the inventory bolance Altra 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 Sold - August 25 Inventory and Perpetual FIFO of units Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of of Goods Cost per Cost of units units Available for unit unit Goods Sold Sale sold 2,000 $ 530 5 10,000 $ 5.30 sof Cost per of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold Cost per Unit Ending Intory Inventory 5 5305 D 2.000 5 503 10.000 550 1000 5 50 6 000 Bog Inventory Purchases August August 18 August 28 Total 550 569 33.000 1.000 o 6,000 5.500 33.000 5.50 500 5.80 560 8.000 6,000 4.000 20,000 5 60 5.80 44 000 33 000 23,200 $ 111,400 5.80 2000 3 39300 72.100 1,000 $ 7.000 $ 33.000 30 100 6.000