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-2,900 units; cost $7.00 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.00 each. 25 Sold 10,600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8,800 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 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIO Cost of Goods Available for Sale Cost of Cost per of units Goods unit Available for Sale of units sold Cost per unit Cost of Goods Sold of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold Cost per Ending Inventory Inventory unit 2.900 $ 0.00 $ 0.00 $ 0 $ 0.00 $ 0 0 Beg. Inventory Purchases August August 18 August 28 Total 14,500 8.700 4.800 31.000 6.40 0.00 5.80 0 92,500 52,200 201.420 173,420 6.40 6.00 5.80 6.40 6.00 5.80 6.40 600 5.80 O S 0 $ 0 0 0 3 $ O 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 unit Inventory Value # of units Avg.Cost sold per unit Cost of Goods Sold # of units in inventory Cost per unit Ending inventory Beginning Inventory Purchase - August 8 0 $ 0 Sale - August 14 Purchase - August 18 0 $ 0 Sale - August 25 Purchase - August 28 Total 0 $ 0 $ 0 0 $ 0