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. 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 per # of units sold Cost per Cost of Goods Available for Sale $ 14,720 Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold unit # of units in inventory Cost per unit Ending Inventory unit 2,300 $ 6.40 2,300 $ 6.40 $ 14,720 $ 6.40 $ 0 $ 6.40 $ 0 6,900 40,020 Beg. Inventory Purchases: August 8 August 18 August 28 Total 11,500 6.900 5.80 5.00 5.80 5.80 5.00 4,600 3,600 26,680 18,000 5.80 5.00 5.80 3,300 4,300 5.80 5.00 19.140 21,500 0 66,700 34,500 24,940 $ 140,860 5.80 0 5.80 4,300 25,000 9,200 $ 54,740 8,200 $ 44,680 $ 99,420 7,600 40,640 2. 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 Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Perpetual Average Inventory on hand # of units Cost per Inventory unit Value Cost of Goods Sold # of units Avg.Cost Cost of sold per unit Goods Sold Inventory Balance # of units in Cost per Ending inventory unit inventory Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total