E 8-14 Inventory cost flow methods; perpetual system [ [08-1, LO8-4 [This is a variation of E 8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.] Altira Corporation provides the following information related to its inventory during the month of August 2024: Aug. 1 Inventory on hand 2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand 7,000 units. Required: Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024. balance sheet and the cost of goods sold it would report in its August 2024 income statement using each of the following cost flow methods: 1. First-in, first-out (FIFO) 2. Average cost E 8-14 Inventory cost flow methods; perpetual system [ [08-1, LO8-4 [This is a variation of E 8-13 modified to focus on the perpetual inventory system and alternative cost flow methods.] Altira Corporation provides the following information related to its inventory during the month of August 2024: Aug. 1 Inventory on hand 2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand 7,000 units. Required: Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024. balance sheet and the cost of goods sold it would report in its August 2024 income statement using each of the following cost flow methods: 1. First-in, first-out (FIFO) 2. Average cost