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, 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. 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: # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of # of units Goods Sold sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in Cost per unit sold inventory Ending Inventory 3,800 $7.90 $ 30,020 $ 7.90 $ 7.90 $ 7.90 Beg. Inventory Purchases: August 8 19,000 7.30 138,700 7.30 7.30 August 18 11,400 6.80 77,520 6.80 6.80 August 28 5,800 5.80 33,640 5.80 0 5.80 Total 40,000 $ 279,880 7.30 6.80 5.80 ! 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, 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. 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 Perpetual Average # of units Cost per Inventory unit Value # of units sold Avg.Cost per unit Cost of Goods Sold # of units in inventory Inventory Balance Cost per unit Ending inventory Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total