E 8-14 Inventory cost flow methods perpetual system LO8-1, LO8-4 [This is a variation of E 8-13 modified to focus on the perpetual inventory system and alternative cost flowm Altira Corporation provides the following information related to its merchandise inventory during the me of August 2021: 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. na Required: Using calculations based on a perpetual inventory system, determine the inventory balance Altira in its Aueust 31. 2021. balance sheet and the cost of goods sold it would report in its August 2021 ment using each of the following cost flow methods: 1. First-in, first-out (FIFO) Average cost V system