Required information. [The following information applies to the questions displayed below.) Altira Corporation provides the following information related to its inventory during the month of August 2024 August 1 Inventory on hand-3,300 units; cost $7.40 each. August & Purchased 16,500 units for $6.80 each. August 14 Sold 13,200 units for $13.30 each. August in Purchased 9,900 units for $6.20 each. August 25 Sold 12,200 units for $12.30 each. August 28 Purchased 5,300 units for $5.80 each. August 31 Inventory on hand-9,600 units, Required: 1. Using calculations based on a perpetual Inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 Income statement using the FIFO method. Cost of Goods Available for Sale Perneral FIFO: units Number of Cost per und Cost of Goods Cost of Goods Sold-August 14 Number Cost of Goods Sold - August 25 Available for of units Cost per unit Cost of Goods Sold Number of units Cost per unit Cost of Goods Sold Total Cost of Goods Sold sold sold Number of units in inventory Inventory Balance Cost per unit Ending Inventory Sale Beginning Inventory 3,300 $7.40 S 24,420 7.40 $ 7.40 $ 0 $ 7.40 $ 0 Purchases August 8 August 18 August 28 16,500 9,900 0.80 6.20 112.2001 6.60 680 6.00 10 61,300 6.20 6.20 6.20 5,300 580 30.740 5.80 0 5.80 5.80 Total 35,000 $228,740 0 $ 0 0 $ 0 S ces Required information [The following information applies to the questions displayed below.) Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-3,300 units; cost $7.40 each. August 8 Purchased 16,500 units for $6.80 each. August 14 Sold 13,200 units for $13.30 each. August 18 Purchased 9,900 units for $6.20 each. August 25 Sold 12,200 units for $12.30 each. August 28 Purchased 5,300 units for $5.80 each. August 31 Inventory on hand-9,600 units. 2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places. Inventory on hand Perpetual Average Number of units Cost per Inventory Number of units unit Value sold Beginning Inventory Purchase August 8 Sale-August 14 Purchase August 18 Sale-August 25 Purchase August 28 Total Cost of Goods Sold Average Cost per unit Cost of Goods Sold Inventory Balance Number of units in inventory Cost per unit Ending inventory 0 $ 0 0 $ 0 $ 0 0