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-2,300 units; cost $6.40 each. 8 Purchased 11,500 units for $5.80 each. 14 Sold 9,200 units for $12.30 each. 18 Purchased 6,900 units for $5.00 each. 25 Sold 8,200 units for $11.30 each. 28 Purchased 4,300 units for $5.80 each. 31 Inventory on hand-7,600 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. 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 Goods Cost per Cost of # of units Cost per Cost of # of units Available for units unit Goods Sold sold unit Goods Sold Sale sold Inventory Balance # of units in Cost per Ending inventory unit Inventory unit Total Cost of Goods Sold 2,300 $ 6.40 $ 14,720 $ 6.40 $ 6.40 $ 6.40 5.80 5.80 5.80 Beg. Inventory Purchases: August 8 August 18 August 28 Total 5.80 5.00 5.00 11,500 6,900 4,300 25,000 66,700 34,500 24,940 $ 140,860 5.00 5.80 5.00 5.80 5.80 5.80 0