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, 100 units; cost $7.20 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $5.80 each. 25 Sold 11,400 units for $12.10 each. 28 Purchased 5,100 units for $5.80 each. 31 Inventory on hand-9,200 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 but not entirely correct. 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 # of Goods units per Available unit for Sale 3,100 $ 7.20 $ 22,320 # 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 3,100 $ 7.20 $ 22,320 0$ 7.20 $ 0 OS 7.20 $ 0 9,300 6.60 6.60 11 x 6.60 73 Beg. Inventory Purchases: August 8 August 18 August 28 Total 6.60 5.80 61,380 0 40,920 30,160 0 5.80 5.80 11 x 5.80 64 15,500 9,300 5,100 33,000 102,300 53,940 29,580 $ 208,140 6,200 5,200 0 11,400 5.80 5.80 0 5.80 5.80 64 11 X 33 12,400 $ 83,700 $ 71,080 154,780 $ 201 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 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