Exercise 8-14 (Static) 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-2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each.. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,eee units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,eee units for $5.00 each. 31 Inventory on hand-7,000 units. Exercise 8-14 (Static) 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 14 Cost of Goods Sold-August 25 Perpetual FIFO of Cost per Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold of units Cost per sold unit Cost of Total Cost of Goods Sold Goods Sold # of units inventory in unit Beg. Inventory 2,000 $5.30 $ 10,600 S S 0 Purchases August 8 8.000 5.50 44,000 August 18 5.60 33.600 5.80 23.200 August 28 Total $ 111,400 0 units 6.000 4,000 20,000 0 5:30 5.50 5.60 5.80 $ of 0 0 5.30 $ 5.50 5.60 5.80 $ Inventory Balance Cost per unit 5 0 Ending Inventory 530 $ 5.50 5.60 5.80 $ 0 0 0