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-2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 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 Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Cost of Perpetual FIFO: # of units Cost per unit Goods Available for Sale # of units # of units Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold Cost per sold in inventory unit Ending Inventory Beg. Inventory 2,000 $ 5.30 $ 10,600 $ 5.30 $ 5.30 $ 0 $ 5.30 $ 0 Purchases: August 8 8,000 5.50 44,000 5.50 5.50 August 18 6,000 5.60 33,600 5.60 0 5.60 August 28 4,000 5.80 23,200 5.80 5.80 Total 20,000 $ 111,400 0 $ 0 0 EA 5.50 0 5.60 5.80 $ 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 Perpetual Average # of units Cost per Inventory unit # of units Value 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