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-3,300 units; cost $7.40 each. 8 Purchased 16,500 units for $6.80 each. 14 Sold 13,200 units for $13.30 each. 18 Purchased 9,900 units for $6.20 each. 25 Sold 12,200 units for $12.30 each. 28 Purchased 5,300 units for $5.80 each. 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, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method. Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Cost of # of Cost per # of units Goods Cost per Cost of # of units Cost per Cost of unit Available for units sold unit Goods Sold sold unit Goods Sold Sale 3,300 $ 7.40 $ $ 24,420 $ 7.40 $ 7.40 Total Cost of Goods Sold # of units in inventory Cost per unit Ending Inventory $ 7.40 6.80 Beg. Inventory Purchases: August 8 August 18 August 28 Total 16,500 9,900 5,300 6.80 6.20 5.80 112,200 61,380 30,740 6.80 6.20 6.80 6.20 6.20 5.80 0 5.80 5.80 35,000 $ 228,740