Exercise $8-14($Algo$)$ Inventory cost flow methods; perpetual system $[$LO$8-1,8-4]$

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$[$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$\mathrm{.}1$ Inventory on hand$2,700$ units; cost $$6\mathrm{.}80$ each. $8$ Purchased $13,500$ units for $$6\mathrm{.}20$ each.

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

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

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

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

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

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. Part $2$ Required:

$2.$ 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 Average cost method. $($Round "Average Cost per Unit" to $2$ decimal places.$)$