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-2,800 units; cost $6.90 each. 8 Purchased 14,000 units for $6.30 each. 14 Sold 11,200 units for $12.80 each. 18 Purchased 8,400 units for $5.80 each. 25 Sold 10, 200 units for $11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory on hand-8,600 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. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: # of units sold Cost per Cost of Goods Cost per # of units unit Available for Sale 2,800 $ 6.90 $ 19,320 # of units Cost per sold unit Cost of Goods Sold Cost per Cost of Goods Sold Total Cost of Goods Sold # of units in inventory unit Ending Inventory unit $ 6.90 $ 6.90 $ 0 $ 6.90 $ 0 Beg. Inventory Purchases: August 8 August 18 14.000 88.200 6.30 6.30 0 6.30 5.80 5.80 48,720 0 8,400 4.800 30,000 5.80 5.80 6.30 5.80 5.80 5.80 5.80 27,840 August 28 Total 0 $ 184,080 0 $ 0 0 $ 0 $ 0 0 $ 0