E 8-14 [This is a variation of E 8-13 modified to focus on the perpetual inventory system and alternative cost flow methode Inventory cost Altira Corporation provides the following information related to its merchandise inventory during the monit flow methods; of August 2021: perpetual system Aug. 1 Inventory on hand-2,000 units; cost $5.30 each. L08-1, L08-4 8 Purchased 8,000 units for $5.50 each. 1014 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. Required: 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 state ment using each of the following cost flow methods: 1. First-in, first-out (FIFO) 2. Average cost