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-3,200 units; cost $7.30 each. 8 Purchased 16,000 units for $6.70 each. 14 Sold 12,800 units for $13.20 each. 18 Purchased 9,600 units for $6.20 each. 25 Sold 11,800 units for $12.20 each. 28 Purchased 5,200 units for $5.80 each. 31 Inventory on hand-9,400 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. Inventory Balance Perpetual FIFO: Cost per # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Cost of Goods # of Cost of # of units Cost per Cost of units Total Cost of unit Available for unit Goods Sold sold sold unit Goods Sold Goods Sold Sale 3,200 $ 7.30 $ 23,360 $ 7.30 $ 7.30 # of units in inventory Cost per unit Ending Inventory $ 7.30 16,000 6.70 6.70 6.70 6.70 Beg. Inventory Purchases August 8 August 18 August 28 Total 6.20 6.20 6.20 9,600 5,200 34,000 107,200 59,520 30,160 $ 220,240 6.20 5.80 5.80 5.80 0 5.80