Week 7: Homework A Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion 6 Part 1 of 2 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: 5 points Aug. 1 Inventory on hand-2,6e8 units; cost $6.70 each 8 Purchased 13,082 units for $6.10 each. 14 Sold 10,480 units for $12.60 each. 18 Purchased 7,888 units for $5.60 each. 25 Sold 9,480 units for $11.60 each. 28 Purchased 4,608 units for $5.99 each. 31 Inventory on hand-8,200 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 not complete. Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost Cost of # of Goods units per Available unit for Sale 2,600 $6.70 $ 17.420 Cost of Goods Sold - August 14 # of Cost of Cost units Goods sold per unit Sold 2,600 $ 8.70 $ 17,420 # of units sold Cost per unit Cost of Goods Sold Cost Total Cost of Goods Sold # of units in inventory per unit Ending Inventory $ 6.70 S 0 $ 8.70 IS 0 13,000 $ 0 Beg. Inventory Purchases: August 8 August 18 August 28 Tota 13,000 7.800 4.800 28.000 6.10 5.60 5.80 79,300 43,680 28.880 $ 167,080 6.10 5.80 5.80 79.300 0 0 $ 98.720 7,800 4.600 % 12.400 6.10 5.60 5.80 43,680 28.680 $ 70,380 6.10 5.60 5.80 15,600 $ 167,080 0 S 0