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-3,200 units; cost $7.30 each. 8 Purchased 16,000 units for $6.70 each. 14 Sold 12,800 units for $13.20 each. 18 Purchased 9,600 units for $6.20 each. 25 Sold 11,800 units for $12.20 each. 28 Purchased 5,200 units for $5.80 each. 31 Inventory on hand-9,400 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 Sold - August 25 Cost per Perpetual FIFO Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Cost per # of Goods Cost per Cost of # of units unit Available for units unit Goods Sold sold Sale 3,200 $ 7.30 $ 23,360 $ 7.30 #of units sold Cost of Goods Sold unit $ 7.30 $ 0 6.70 6.70 Beg. Inventory Purchases: August 8 August 18 August 28 6.70 6.20 6.20 16,000 9,600 5,200 34.000 107,200 59,520 30,160 $ 220.240 6.20 5.80 OOO 5.80 5.80 $ 0 0 $ 0 Total Inventory Balance st 14 Cost of Goods Sold - August 25 Cost per Ending Inventory Cost of Goods Sold Cost per unit it of s Sold # of units sold # of units in Inventory Total Cost of Goods Sold unit 0 $ 7.30 $ $ 7.30 $ 0 0 6.70 6.20 5.80 6.70 6.20 5.80 0 $ OOO 0 $ 0 0 $ 0