Requlred Informetlon [The following information applles to the questions displayed below] Altra Corporation provides the following informatlon related to its merchandise inventory during the month of August 2021: Aug. I Inventory on hand-3, se0 units; cost $7.68 each. 8 puechased 17 , see units for 57.04 each. 14 Sold 14 , thee unats for $19.59 each. 18 Purchased 10,500 units for 16. B8 each. 25 Sold 13, 690 units for \$12.S0. each. 21 Purchased 5,500 wnits for 55.80 each. 31 Inventory on hand-16, 800 unitsi 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. Required Information [The following information applles to the questions dispiayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3, 500 unitsi cost $7.60 each. 8 Purchased 17,500 units for 57 .ed each. 14 Sold 14, eee units for 51150 each. 18 Purchased 18,500 units for 56.80 each. 25 Sold 13, eee units for 512,50 each. 28 Purchased 5,500 units for $5.80 each. 31 Inventory on hand-10, eod 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 methoc (Round "Average Cost per Unit" to 2 decimal ploces.)