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Required information [The following information applies to the questions displayed below.) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,400 units; cost $7.50 each. 8 Purchased 17,000 units for $6.99 each. 14 Sold 13,600 units for $13.40 each. 18 Purchased 10,200 units for $6.40 each. 25 Sold 12,600 units for $12.40 each. 28 Purchased 5,400 units for $5.80 each. 31 Inventory on hand-9,800 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. Invento Cost of Goods Sold - August 25 Cost of Goods Available for Sale Cost of Goods Sold - August 14 # of units Cost of Cada # of Ale Tatalet of net net CHF c Perpetual FIFO: Caet nar 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 Invento Perpetual FIFO: Cost per # of units # of units sold Cost of # of units Cost per Goods Sold sold unit Cost of # of units Cost pen Goods unit Available for Sale 3,400 $ 7.50 $ 25 5008 Cost of Goods Sold Total Cost of Goods Sold Cos U unit inventory 3.400 $ 7.50 $ 25,500 7.50 0 $ Beg. Inventory Purchases 6.90 117 300 6.90 6.90 17.000 10,200 5.400 6.40 6.40 0 August 8 August 18 August 28 Total 6.40 5.80 65.280 31.320 239.400 5.80 0 5.80 36.000 $ 3,400 $ 25.500 0 $ OI 9 25 500 0 determine the inventory balance Altira would report in its August 31, 2021, 3 August 2021 income statement using the FIFO method. if Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance # of units Cost per Cost per Cost per Cost of Goods Sold # of units sold Cost of Goods Sold Total Cost of Goods Sold unit unit Ending Inventory inventory 7.50 25.500 7.50 0 s 7.50 0 6.90 6.90 6.90 6.40 6.40 6.40 5.80 5.80 5.80 0 $ s 25.500 0 $ 0 25,500 $ 0