Required information Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system (L08-1,8-4) [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-2, 100 units; cost $6.20 each. 8 Purchased 10,500 units for $5.50 each. 14 Sold 3,400 units for $12.10 each 18 Purchased 6,300 units for $5.40 each 25 Sold 7,400 units for $11.10 each 28 Purchased 4.100 units for $5.50 each 31 Inventory on hand-7.200 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 Sold August 14 Cost of Goods Sold August 25 Perpetual Cost of Goods Available for Sale Cost of Cost per of units Goods unit Available for Sale 21005 620 S 13020 of units sold Cost per Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold Twentory Balance Total Cost of of units in Ending Goods Sold unt inventory twentory unit Cooper 5 620 $ 6205 0 5 0205 0 Be Inventory Purchases August August 18 August 20 Total 5.50 5.50 540 0 10 500 6300 4.100 23.000 01 5.00 540 580 5:40 5.80 58 000 34020 23780 $129.520 5.60 5.40 5.80 0 5 80 0 5 D O $ OS 0 0 $ O