Required information Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system (L08-1, 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-3, 800 units; cost $7.90 each. 8 Purchased 19,000 units for $7.30 each. 14 Sold 15,200 units for $13.80 each. 18 Purchased 11,400 units for $6.80 each. 25 Sold 14, 200 units for $12.80 each. 28 Purchased 5,800 units for $5.80 each. 31 Inventory on hand-10,600 units. 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 Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: Cost per # of units Cost per unit Cost of Goods Available for Sale # of units sold 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 inventory unit Ending Inventory 3,800 $ 0.00 $ 0.00 $ 0 $ 0.00 $ 0 19,000 7.30 7.30 7.30 7.30 0 Beg. Inventory Purchases August 8 August 18 August 28 Total 11,400 6.80 6.80 0 6.80 6.80 138,700 77,520 33,640 249,860 5.80 5.80 0 5.80 5.80 5,800 40,000 $ 0 $ 0 $ $ 0 0 $ 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 Cost per unit Inventory Value # of units Avg.Cost sold per unit Cost of Goods Sold # of units in Cost per inventory unit Ending inventory Beginning Inventory Purchase - August 8 0 $ 0 Sale - August 14 Purchase - August 18 0 $ 0 Sale - August 25 Purchase - August 28 Total 0 $ 0 $ 0 0 $ 0