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-2,500 units; cost $6.60 each. 8 Purchased 12,500 units for $6.00 each. 14 Sold 10,000 units for $12.50 each. 18 Purchased 7,500 units for $5.20 each. 25 Sold 9,000 units for $11.50 each. 28 Purchased 4,500 units for $5.80 each. 31 Inventory on hand-8,000 units. Exercise 8-14 (Algo) Part 1 Fequired: -Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, -021, 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 Inventory Balance Perpetual FIFO: # of units sold Cost of # of units Cost per Goods unit Available for Sale 2,500 $ 6.60 $ 16,500 Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 2,500 $ 6.60 $ 16,500 OS 6.60 $ 0 $ 6.60 $ 7,500 5,000 30,000 Beg. Inventory Purchases: August 8 August 18 August 28 Total 12,500 7,500 4,500 27,000 6.00 5.20 5.80 45,000 0 75,000 39,000 26,100 156,600 6.00 5. 20 5.80 | $ 6.00 5.20 5.80 6. 000 5.20 5.80 $ $ 10,000 61,500 5,000 $ 30,000 $ 91,500 0 Exercise 8-14 (Algo) Part 2 2. 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 Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand cost of Goods Sold Inventory Balance Perpetual Average # of units in # of units Cost per Inventory Value # of units Avg.Cost sold per unit Cost of Goods Sold Cost per unit ending inventory Ending inventory unit Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total 0 $ 0