! Required information [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-3,500 units; cost $7.60 each. 8 Purchased 17,500 units for $7.00 each. 14 Sold 14,000 units for $13.50 each. 18 Purchased 10,500 units for $6.80 each. 25 Sold 13,000 units for $12.50 each. 28 Purchased 5,500 units for $5.80 each. 31 Inventory on hand-10,000 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 Perpetual FIFO: Cost per Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Cost of # of Goods Cost of #of units Cost per Cost of unit Available for units unit Goods Sold sold unit Goods Sold sold Sale 3,500 $ 7.60 $ 26,600 $ 7.60 $ 7.60 # of units Cost per Beg. Inventory Purchases Required: 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 25 Porpotust FIFO Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of # of Cost per Goods Cost per Cost of # of units unit units Available for unit Goods Sold Sale 3,500 $ 7.60 26,600 7.60 of units Cost per sold unit Cost of Goods Sold sold $ 750 7.00 Beg. Inventory Purchases: August 8 August 18 August 28 Total 17,500 10,500 5,500 37,000 6.80 5.80 50 71.400 31,900 + $ 252,400 7.00 6.80 5.80 7.00 6.80 5.80