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) Altera Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug.1 Inventory on band-2,708 units; cost $6.80 each. 8. Purchased 13,see units for $6.20 14 Sold 10,00 units for $12.70 each. 1 Purchased 4,100 units for $5.50 each. 25 Sold 9,000 units for $11.70 each, 211 Purchased 4,700 units for $5.00 each. 31 Inventary on band-8,400 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 Cost of Goods Available for Sale Cast of Goods Sold August 14 Cost of Goods Sold August 25 Inventory Balance PerpetualETEO of units Cost per init Cost of Goods Available for Sale Aot units sold Cost per unit Cost of Goods Sold of units Cost p Cost of Total Cost of W of units unit Goods Sold Goods Sold Cost per unit inventory Ending Inventory Beg Invertery 2,700 $6.00 S 18 360 5 6.00 $ 6.80 $ $ 6.80 $ Purchases August 13.500 620 83,700 620 6.20 6.20 Auget 18 8,100 560 45,360 660 0 5.00 5.60 August 20 4700 5.00 27261 5.83 0 500 5.80 Total 29,000 $ 174,655 S 0 0 0 0 S