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 un hand-3,000 units; cost $7.10 each. Purchased 15,000 units for $6.50 each. 14 Sold 12,000 units for $13.00 each. 18 Purchased 9,000 units for $6.00 each. 25 Sold 11,000 units for $12.00 each. 28 Purchased 5,000 units for $5.00 each. 31 Inventory on hand-9,000 units. Exercise 8-14 (Algo) Part 1 Required: 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altra 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. Exastal DEO Cost of Goods Available for Sale of units Cost per unk Cost of Goods Available for Sale Cost per Cost of Goods Sold August 14 of sold Cost of Goods Soll-August 25 Cost of #of units Cost per Goods Sold sold unit Cost of Goods Sold Total Cost of Goods Sold of units in Inventory Balance Cost per unit Inventory Ending Inventory Beg Inventory 3,000 $710 S 21.300 $ 7.10 $ 7.10 $ 0 S 7.10 $ Purchases August & 15,000 6.50 97.500 650 6.50 6.50 August 18 9,000 6.00 54,000 6.00 D 6.00 6.00 August 20 Tutal 5,000 5.80 29,000 5.80 0 5.80 580 32,000 $201.000 0 $ 0 S 0 $ 0 $ 03