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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:

Aug.1	Inventory on hand2,500 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 hand8,000 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.

Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: # of Cost per Cost per Cost of Goods Available for Sale Cost of Goods Available for Sale 2,500 $ 6.60 $ 16,500 units # of units Cost per unit # of units Cost per sold unit Cost of Goods Sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in inventory unit Ending Inventory sold $ 6.60 $ 6.60 $ 0 $ 6.60 $ 0 6.00 6.00 6.00 0 Beg. Inventory Purchases: August 8 August 18 August 28 Total 12,500 7.500 0 5.20 5.80 75,000 39,000 26,100 $ 156,600 5.20 5.80 6.00 5.20 5.80 5.20 5.80 0 4,500 27,000 0 $ 0 $ 0 $ 0