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 $7.00 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.00 each. 25 Sold 10,600 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, 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 Perpetual FIFO: of units Cost of # of units Cost per Goods unit Available for Sale 2.900 $ 7.00 $ 20,300 Cost per unit Cost of Goods Sold of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 2,900 $ 7.00 $ 20,300 0 $ 7.00 $ 0 $ 7.00 $ Beg, Inventory Purchases: August 8 August 18 August 28 Total 8,700 0 8 14.500 ,700 4.900 31,000 6.40 6.00 5.80 92,800 52,200 1 28,420 $ 193,720 6.40 6. 00 5.80 55,680 0 0 75,9800 6.40 6.00 5.80 5 0 06.40 6.00 5.80 75,9800 5 11,600 $ 0 $ 0