Exercise 8-14 Inventory cost flow methods; perpetual system LO8-1, 8-4] Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2016: Aug. 1 Inventory on hand-3,000 units, cost $7.10 each 8 Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11,000 units for $12.00 each. 31 Inventory on hand-4,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods: (Round "Average Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold- August 14 Cost of Goods Sold -August 25 Inventory Balance Cost of Perpetual FIFO #of # of units Cost of #of Cost per Goods units Cost per unit Cost of | # of units Goods Soldsold Cost per unit in ending Goods Sold inventory Cost per unit Ending Inventory unit Available for e for Units Cos Sale Beg. Inventory 3,000 $ 7.10 21,300 3,000 $ 7.10 $ 21,300 7.10 $ 7.10 $ 0 Purchases: 15,000 9,000 27,000 0 6.50 0 August 8 August 18 6.50 97,500 54,000 6.50 6.50 6.00 0 6.00 0 6.00 6.00 Total $172,8003,000 $21,300 0