Ch 8 Exercises Saved Help Save & Exit & Submit 3 Check my work 10 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: 10 points Aug. 1 Inventory on hand-2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. eBook Hint Print 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 last-in, first-out (LIFO). References Inven Perpetual LIFO: CI Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Cost of # of Cost per Goods # of Cost per Cost of # of units Cost per Cost of units unit Available for units unit Goods Sold sold unit Goods Sold Sale 2,000 $ 5.30 $ 10,600 $ 5.30 $ 0 $ 5.30 $ 0 Total Cost of Goods Sold # of units in ending inventory sold $ 5.50 5.50 5.50 Beg. Inventory Purchases: August 8 August 18 August 28 Total 8,000 6,000 44,000 33,600 5.60 0 5,60 5.60 5.80 5.80 0 5.80 4,000 20,000 23,200 $ 111,400 0 $ 0 0 $ 0 $ 0 0