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Required information

Exercise $8-14($Algo$)$ Inventory cost flow methods; perpetual system $[$LO$8-1,8-4]$

$[$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 $-3,300$ units; cost $$7\mathrm{.}40$ each.

$8$ Purchased $16,500$ units for $$6\mathrm{.}80$ each.

$14$ Sold $13,200$ units for $$13\mathrm{.}30$ each.

$18$ Purchased $9,900$ units for $$6\mathrm{.}20$ each.

$25$ Sold $12,200$ units for $$12\mathrm{.}30$ each.

$28$ Purchased $5,300$ units for $$5\mathrm{.}80$ each.

$31$ Inventory on hand $-9,600$ units.

Exercise $8-14($Algo$)$ Part $2$

$2.$ 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 Average cost method. $($Round "Average Cost per Unit" to $2$ decimal places.$)$