! 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: Part 1 of 2 10 points Aug.1 Inventory on hand-3,700 units; cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10,400 units. eBook Hint Print References 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. Check my work 7 ! Required information Part 1 of 2 Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Perpetual FIFO: #o # of units sold Cost per Cost per Cost of Cost per Goods # of units unit Available for Sale 3,700 $ 7.80 $ 28,860 Cost of Goods Sold # of units sold Cost of Goods Sold Total Cost of Goods Sold unit unit 10 points ins $ 7.80 $ 7.80 $ 0 eBook 7.20 7.20 7.20 Beg. Inventory Purchases: August 8 August 18 August 28 Total Hint 18,500 11,100 5,700 6.40 6.40 0 6.40 133,200 71,040 33,060 $ 266,160 5.80 5.80 ooo 5.80 Print 39,000 0 $ 0 $ 0 $ 0 References Check my work 7 ! Required information ? Part 1 of 2 - August 14 Cost of Goods Sold - August 25 Inventory Balance Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in inventory Cost per unit Ending Inventory 10 points $ 7.80 $ 0 $ 7.80 $ 0 eBook 7.20 0 7.20 6.40 Hint 0 6.40 o oo 0 5.80 5.80 Print $ 0 $ 0 $ 0 0 $ 0 References