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-2,600 units; cost $6.70 each. 8 Purchased 13,000 units for $6.10 each. 14 Sold 10,400 units for $12.60 each. 18 Purchased 7.800 units for $5.60 each. 25 Sold 9,400 units for $11.60 each. 28 Purchased 4,600 units for $5.80 each. 31 Inventory on hand-8,200 units. xercise 8-14 (Algo) Part 1 Sits for $11. sach. 20 Purchase 4,60 units for 15.00 wach 21 Inventory and-, 200 units. Exercise 8-14 (Algo) Part 1 Required: 1. Using calculations based on a perpetual inventory system determine the inventory balance Altina would reportinis August 31, 2021 balance sheet and the cost of goods sold it would report ins August 2021 income statement ning the FIFO method Cost of Good August 14 Cost of Goods 50 A 25 Inventory Balance sal Woon Cost per Cast of Goods Available for Sale Co out Goods Available for Sale 2600 5.60 17420 Cost per of units CON OF Goods Sold unt of unite Cost per sold Co4 Goods Sold Total Conto Goode od Cost per Ending lavendary inventory 5 6.70 6703 0 5 6703 Denventory Purcha August Apart 10 August 20 0 13,000 7.300 4500 20.000 6.10 560 500 79 300 3680 26 500 167680 10 5.60 580 S 0 510 560 5.00 15 610 5.60 5.00 o 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 Balance Pel Ayrtage Inventory on hand of units Inventory unit Value Cost per Cost of Goods Sold of units Avg.Cost Cost of sold per unit Goods Sold W of units in inventory Cost per unit Ending inventory Beginning Inventory Purchase - Augusts 0 $ ol Sale. August 14 Purchase. August 18 0 $ 0 Sale August 25 Purchase - August 20 Total 5 5 0 5 0