Required information. Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system (LO8-1, 8-4] [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-2,400 units: cost $6.50 each. Purchased 12,000 units for $5.90 each.. 14 Sold 9,600 units for $12.40 each. 18 Purchased 7,200 units for $5.40 each. 25 Sold 8,600 units for $11.40 each. 28 Purchased 4,400 units for $5.80 each. 31 Inventory on hand-7,800 unita. Exercise 8-14 (Algo) Part 1 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 Perpetual FIEO: of unite Cost per Cost of Goods of Cost of Goods Sold - August 14 Cost per Cost of Cost of Goods Sold - August 25 # of units Cost per Invento of units Cost of Total Cost of