! Required information Exercise 8-14 (Algo) 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-3,400 units; cost $7.50 each. 8 Purchased 17,000 units for $6.90 each. 14 Sold 13,600 units for $13.40 each. 18 Purchased 10,200 units for $6.40 each. 25 Sold 12,600 units for $12.40 each. 28 Purchased 5,400 units for $5.80 each. 31 Inventory on hand-9,800 units. 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 Inventory Balance Perpetual FIFO: # of units sold Cost per unit Cost of # of units Cost per Goods unit Available for Sale 3,400 $ 7.50 $ $ 25.500 Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in inventory Cost per unit Ending Inventory $ 7.50 0 $ 7.50 S 0 01 S 7.50 $ S 0 0 6.90 0 Beg. Inventory Purchases: : August 8 August 18 August 28 Total 6.90 6.40 6.90 6.40 6.90 6.40 0 6.40 17,000 10,200 5,400 36,000 117,300 65,280 31,320 $ 239,400 5.80 5.80 0 5.80 5.80 0 S 0 0 0 $ 0 $ 0 0 S 0