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-3,508 units; cost $7.60 each. 8 Purchased 17,500 units for $7.00 each. 14 Sold 14,000 units for $13.50 each. 18 Purchased 10,500 units for $6.80 each. 25 Sold 13,000 units for $12.50 each 28 Purchased 5,500 units for $5.80 each. 31 Inventory on hand-18,880 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 FIFO: Cost of Goods Available for Sale Cost of Cost per Goods # of units 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 # of units in ending inventory Cost per unit Ending Inventory Beg Inventory 2:48 AM 5/22/2020 a 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 3,580 units; cost $7.60 each. 8 Purchased 17,500 units for $7.00 each. 14 Sold 14, eee units for $13.50 each 18 Purchased 10,500 units for $6.80 each. 25 Sold 13, ee units for $12.50 each. 28 Purchased 5,500 units for $5.80 each. 31 Inventory on hand-10,000 units. 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 Perpetual Average Cost per # of units Inventory Value # of units Avg Cost sold per unit Inventory Balance # of units in Ending ending unit inventory inventory Cost of Goods Sold Cost per unit Beginning Inventory Purchase - August 8