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 hand2,700 units; cost $6.80 each.
8	Purchased 13,500 units for $6.20 each.
14	Sold 10,800 units for $12.70 each.
18	Purchased 8,100 units for $5.60 each.
25	Sold 9,800 units for $11.70 each.
28	Purchased 4,700 units for $5.80 each.
31	Inventory on hand8,400 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 14 Cost of Goods Sold - August 25 Inventory Balance Cost of Goods Available for Sale Cost of Cost # of Goods per units Available unit for Sale Cost Cost Cost # of units sold Cost of Goods Sold # of units sold Cost of Goods Sold Total Cost of Goods Sold # of units in inventory Ending Inventory per unit per unit per unit 2,700 $6.80 $ 18,360 0 X $ 6.80 0 $ 6.80 $ 0 2,700 $ 6.80 $ 18,360 13,500 6.20 10,800 X 6.20 66,960 6.20 1,000 6.20 6,200 83,700 45,360 1,700 X 8,100 X 10,540 45,360 8,100 5.60 0 5.60 0 5.60 0 X 5.60 0 5.80 5.80 4,700 5.80 27,260 5.80 0 29,000 $ 174,680 10,800 $ 66,960 was expected in a cell or a formula-based calculation is incorrect; no points deducted. 4,700 8,400 27,260 51,820 9,800 $ 55,900 $ 122,860 $