Required information [The following information applies to the questions displayed below) Altiro Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug, 1 Tnventory on hand-3,900 units; cost $8.00 each. & Purchased 19,500 units for $7.40 each 14 Sold 15,600 units for $13,90 each. 18 Purchased 11,700 units for $6.60 each 25 Sold 14,600 units for $12.90 each. 28 Purchased 5,900 units for $5.80 each. 31 Inventory on hand-10,800 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 Sold - August 25 Perpetual FIFO: Inventory Balance Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods #of Cost per unit units Cost of Available for sold unit Goods Sold Sale 3,900 $ 8.00 $ 31.2001 5 800 of units Cost per of units # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold cost per Cost per unit Ending Inventory Inventory $ 5 8.00 Beg Inventory Purchases August August 18 August 28 Total 19.500 11700 5,900 41.000 7.40 6,60 5.80 144 3001 77,220 34,220 $ 286 940 7.40 500 580 740 660 580 7.40 6.60 5.80 OF