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Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LO8-1, 8-4]

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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:

Aug.1	Inventory on hand2,700 units; cost $6.80 each.
8	Purchased 13,500 units for $6.20 each.
14	Sold 10,800 units for $12.70 each.
18	Purchased 8,100 units for $5.60 each.
25	Sold 9,800 units for $11.70 each.
28	Purchased 4,700 units for $5.80 each.
31	Inventory on hand8,400 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.