Chec Requireu TITUITITALIUM Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system (LO8-1, 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-2,900 units; cost $7.00 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.00 each. 25 Sold 10,600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8,800 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 FIFO method. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: Cost per Cost of Cost per Goods # of units unit Available for Sale 2,900 $ 7.00 $ 20,300 # of units sold Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in inventory Cost per unit Ending Inventory unit $ 7.00 $ 7.00 $ 7.00 14.500 6.40 92,800 6.40 6.40 Beg. Inventory Purchases: August 8 August 18 August 28 Total 6.40 6.00 8,700 4,900 6.00 5.80 52,200 28,420 $ 193,720 6.00 5.80 6.00 5.80 5.80 31,000