Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LOB-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-2,700 units; cost $6.00 each. 8 Purchased 13,500 units for $6.20 each. 14 Sold 10,000 units for $12.70 each. 18 Purchased 8,100 units for $5.60 each. 25 Bold 9,800 units for $11.70 each. 28 Purchased 4,700 units for $5.00 each. 31 Inventory on hand-8,400 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 141 Cost of Goods Sold-August 25 Inventory Balance Perpetual FIEO: # of units Cost per unit Cost of Goods Available for of units sold Cost per unit Cost of Goods Sold of units Cost per Cost of sold unit Total Cost of Goods Sold Goods Sold of units in Cost per unit Inventory Ending Inventory Sale 2.700 $6.80 $ 18,360 2.700 $ 6.80 $ 18.360 0 $ 6.00 $ 0 $ 6.80 $ Beg. Inventory Purchases August 8 13,500 6.20 83,700 8,100 6.20 50,220 roo 6.20 16,740 6.20 0 August 18 8,100 5.60 45,360 0 5.60 0 7,100 560 39,760 5.60 August 281 4,700 5.80 27.260 5.80 0 0 5.80 5.80 Total 29,000 $ 174,680 10,800 $ 68,580 9,800 $ 56,500 $ 125,080 0 S 0