August $1$ Inventory on hand$-2,700$ units; cost $$6\mathrm{.}80$ each.Altira Corporation provides the following information related to its inventory during the month of August $2024$:

August $1$ Inventory on hand$-2,700$ units; cost $$6\mathrm{.}80$ each.

August $8$ Purchased $13,500$ units for $$6\mathrm{.}20$ each.

August $14$ Sold $10,800$ units for $$12\mathrm{.}70$ each.

August $18$ Purchased $8,100$ units for $$5\mathrm{.}60$ each.

August $25$ Sold $9,800$ units for $$11\mathrm{.}70$ each.

August $28$ Purchased $4,700$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$-8,400$ units.

Exercise $8-14($Algo$)$ Part $1$

Required:

Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August $31,2024,$ balance sheet and the cost of goods sold it would report in its August $2024$ income statement using the FIFO method.

$\backslash$table$[[\backslash$table$[[$Perpetual FIFO:$],[$Beginning Inventory$]],$Cost of Goods Available for Sale,Cost of Goods Sold $-$ August $14,$Cost of Goods Sold $-$ August $25,\backslash$table$[[$Total Cost of$],[$Goods Sold$]],$Inventory Balance$],[\backslash$table$[[\backslash$table$[[$Number of$],[$units$]]],[2,700]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Available for$],[$Sale$]],\backslash$table$[[\backslash$table$[[$Number$],[$of units$],[$sold$]]],[2,700]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[\backslash$table$[[$Number$],[$of units$],[$sold$]]],[0]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[\backslash$table$[[$Number of$],[$units in$],[$inventory$]]],[0]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$$$6\mathrm{.}80,$$$,18,360,$$$,6\mathrm{.}80,$$$,18,360,$$$,6\mathrm{.}80,0,$$$,6\mathrm{.}80,$$

August $8$ Purchased $13,500$ units for $$6\mathrm{.}20$ each.

August $14$ Sold $10,800$ units for $$12\mathrm{.}70$ each.

August $18$ Purchased $8,100$ units for $$5\mathrm{.}60$ each.

August $25$ Sold $9,800$ units for $$11\mathrm{.}70$ each.

August $28$ Purchased $4,700$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$-8,400$ units.

Exercise $8-14($Algo$)$ Part $2$

$2.$ Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August $31,2024,$ balance sheet and the cost of goods sold it would report in its August $2024$ income statement using the Average cost method. Note: Round "Average Cost per Unit" to $2$ decimal places.

$\backslash$table$[[$Perpetual Average,Inventory on hand,Cost of Goods Sold,Inventory Balance$],[\backslash$table$[[$Number$],[$of units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Inventory$],[$Value$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Average$],[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number of$],[$units in$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]],],[$Beginning Inventory$],[$Purchase $-$ August $8,,,,,,,,,],[,,,,,,0,,$$