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-2,400 units; cost $6.50 each. 8 Purchased 12,000 units for $5.90 each. 14 Sold 9,600 units for $12.40 each. 18 Purchased 7,200 units for $5.40 each. 25 Sold 8,600 units for $11.40 each. 28 Purchased 4,400 units for $5.80 each. 31 Inventory on hand-7,800 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. Answer is complete and correct. 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 Cost of per Goods Available unit for Sale $6.50 $ 15,600 # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in inventory Cost per unit Ending Inventory 2,400 2,400 $ 6.50 $ 15,600 0 $ 6.50 0 $ 6.50 IS 0 7,200 5.90 42,480 5.90 0 5.90 0 Beg. Inventory Purchases: August 8 August 18 August 28 Total 5.90 5.40 4,800 3,800 28,320 20,520 0 5.40 0 5.40 5.40 12,000 7,200 4,400 26,000 70,800 38,880 25,520 $ 150.800 5.80 5.80 0 5.80 3,400 4,400 7,800 0 8,600 5.80 18,360 25,520 $ 43,880 9,600 $ 58,080 $ 48,840 $ 106,920 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.) Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average # of units Cost per Inventory Value # of units Avg.Cost sold per unit Cost of Goods Sold # of units in inventory Cost per unit Ending inventory unit 2,400 Beginning Inventory Purchase - August 8 0 $ 0 Sale - August 14 Purchase - August 18 0 $ 0 Sale - August 25 Purchase - August 28 Total 2,400 $ 0 $ 0 0 $ 0