pter 8 Homework Saved Felearning.uh.edu%252Fwebapps%252Fportal %252 Save & Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 7.20 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,600 units; cost $6.70 each. 8 Purchased 13,000 units for $6.10 each. 14 Sold 10,400 units for $12.60 each. 18 Purchased 7,800 units for $5.60 each. 25 Sold 9,400 units for $11.60 each.. 28 Purchased 4,600 units for $5.80 each. 31 Inventory on hand-8,200 units. 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 last-in, first-out (LIFO) Return to Mc Graw Hill doudy Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold-August 25 Perpetual LIFO #of Cost Cost of Goods #of Cost units per unit Available for Sale units per sold Cost of Goods Sold # of units sold unit Cost per unit Total Cost Cost of Goods Sold of Goods Sold Beg 2,000 Inventory 6.70 15 17420 0 is 6.70 0 0 6.70 Purchases August 8 13,000 6.10 79.300 10.400 6.10 63,440 1,600 6.10 9,760 August 18 7.800 5.60 43.680 August 28 4,600 58 Total 28,000 S 26.600 167,000 05.00 0580 7.800 5.60 43,680 0 5.80 10,400 5 63,440 9.400 53.440 S 110.880 < Prev 7 of 12 Score answer > er 8 Homework Drowser-uciau Saved %253A% %252Felearning.uh.edu%252Fwebapps%252Fportal %252Ffra... Help Save & Exit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. determine the inventory balance Altira would report in its August 31, 2021, its August 2021 income statement using last-in, first-out (LIFO). Answer is complete but not entirely correct. Cost of Goods Sold-August 14 Cost of Goods Sold - August 25 Inventory Balance # of Cost units sold per Cost of Goods Sold of units Cost unit i sold per Cost of Goods Sold Total Cost of Goods unit Sold # of units in ending inventory Cost per unit Ending Inventory $ 0 0 6.70 0 is 0 6.70 0 $6.70 10.400 6.10 63.440 1,600 6.10 9,760 0 6.10 0 00 5.00 D 7,800 5.60 43,680 00 5.60 05.80 10.400 0 5.80 4,600- 5.80 $ 63.440 9,400 $ 53,440 $ 116.880 4,600 < Prev 7 of 12 Score answer > 0 26.680 $ 26,680 Return to que