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-2,800 units; cost 56.90 each. B Purchased 14,000 units for $6.30 each. 14 Sold 11,200 units for $12.50 each 18 Purchased 8,400 units for $5.80 each 25 Sold 10, 200 units for $11.80 each. 28 Purchased 4,889 units for $5.80 each. 31 Inventory on hand-8,600 units. 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 Sold August 14 Cost of Goods Sold August 25 Invents Perpetual o Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 2.800 $ 6.905 19,320 #of units sold Cost per Cos Cost of Goods Sold Cost of Goods Sold of units Cont per sold unit Total Cost of of units unit Goods Sold in inventory $ 6.90 $ 6.905 $ 0 8,400 Beg Inventory Purchases August August 15 August 25 Total 6,30 5.80 5.80 14000 8,400 4.800 30 000 52.920 0 6.30 580 5.30 88.200 48.720 27 840 $184,080 8.400 6.30 5 80 580 0 52,920 8.400 5 0 5 03 52.920 8.400 Inventory Balance Cost per al Cost of bods Sold # of units in inventory Ending Inventory unit $ 6.90 $ 0 6.30 0 8,400 48,720 5.80 5.80 52,920 8,400 GA $ 48.720