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Required information Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system (L08-1,8-4) [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-3,989 units; dat $8.00 each. 8 Purchased 19,500 units for $7.40 each 14 Sold 15,600 units for $13.99 each, 18 Purchased 11.700 units for $6.50 each 25 Sold 14,600 units for $12.90 each 28 Purchased 5,900 units for $5.50 each 31 Inventory on hand-10,8ee units. Exercise 8-14 (Algo) Part 1 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 14 Cost of Goods Sold - August 25 Perpetual FIFO: of Cost of #of units Cost per Goods unit Available for Sale 3,000 $ 8.00 $ 31.200 units sold Cost per unit Cost of Goods Sold #of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold im $ 8.00 8.00 Bog, Inventory Purchases August 8 August 18 August 28 Total 19,500 11.700 5,900 41,000 7.40 6.60 5.80 144.300 77.220 34.220 $ 280,940 7.40 6.60 5.80 7.40 6.60 5.80 0 stem, determine the inventory balance Altira would report in its August 31, 2021, rt in its August 2021 income statement using the FIFO method. Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance # of units sold Cost per Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold unit Total Cost of Goods Sold Cost per # of units in inventory unit Ending Inventory $ 8.00 $ 8.00 $ 8.00 7.40 6,60 5.80 7.40 6.60 5.80 7.40 6.60 5.80 0