1 Required information Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LOB-1, 8-4] [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-2,700 units; cost $6,80 each. Purchased 13,500 units for $6,20 each. 14 Sold 10,000 units for $12.70 nach. 11 Purchased 4,100 units for $5.00 each. 25 Sold 9,000 units for $11.70 each. 28 Purchased 4,700 units for $5.00 each. 31 Inventory on hand-8,400 units. Exercise 8-14 (Algo) Part 1 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 FFO method PerpetualL0 #of uses Cost per Cost ut Goods Avalalde for Sale Cost of Goods Available for Sale Cost of Goods Sold August 14 Cast of Goods Sold August 25 Inventory Balance #of units sold Cost per Costu Goods Sold e of units Cost per sold Cost of unit Total Cost of Goods Sold Goods Sold # of units Cost per unit inventory Ending Inventory Beg Inventory 2,700 $600 $ 10,360 S 6.80 $ 6.00 $ 0 $ 6.00 $ D Purchases August 13.500 620 83,700 6.20 620 6.20 0 Auget 15 8,100 5.60 46.360 5.60 560 August 201 5.60 4,700 500 27.260 5.80 0 500 5.80 Total 29.600 $174,500 $ 0 S 0 I 0