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-2,900 units; cost $7.80 each. 8Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.99 each. 18 Purchased 8,700 units for $6.00 each. 25 Sold 10,680 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8,800 units. Required: 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 20 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 26 Perpetual FIFO: Cost of Goods Available for Sale Cost of Goods unit Available for # of units Cost per # of units nam Cost per Cost of #of units Cost per Gions Sold rata Cost of unit Total cost of Required: 1. Using calculations based on a perpetual inventory system, determine the inventory balance Aitira 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 Cost of Goods Available for Sale Cost of Goods unit Available for Inventory thatna Barpeta FIEO of units Cost per of units sold Cost per Cost of Goods Sold unit of units Cost per sold unit of units Cost of Goods Sold Total Cost of Goods Gold Cost Ending 2.300 Inventory $ 000 5 0.005 0 $ 0.00 $ O Beg inventory Ponchoses August August 18 August 20 Total 14.500 0.700 4500 31.000 6.40 6.00 5.50 0 92.000 52.200 28.420 173.420 640 500 5.80 6:40 600 640 DO 50 5.80 $ 0 5 0 0 $ 05