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 hand3,200 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

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