Required information Exercise 8-14 (Static) 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 hand-2,eee units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,e00 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. Exercise 8-14 (Static) Part 2 2. 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 Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average # of units Cost per unit Inventory Value # of units in ending inventory 2,000 $ 530 $ # of units sold Avg.Cost per unit Cost of Goods Sold Cost per Ending inventory unit Beginning Inventory Purchase August 8 2,000 5.30 $ 10,600 10,600 8,000 5.50 44,000 2,000 10,000 6,000 Sale - August 14 6,000 $ 5 60 33,600 Purchase - August 18 S 7,000 Sale -August 25 23,200 4,000 5.80 Purchase -August 28 S 111.400 20000 Total 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 last-in, first-out (LIFO) Cost of Goods Available for Sale Cost of Goods Sold- August 14 Cost of Goods Sold-August 25 Inventory Balance Cost of Goods Available for Sale # of Perpetual LIFO Cost per unit # of units in ending inventory # of units Cost per unit Cost of Goods Sold # of units Cost per unit Cost of Total Cost of units sold Cost per unit Ending Inventory Goods Sold Goods Sold sold 10,600 5.30 Beg Inventory Purchases S 530 5 30 2.000 5.30 0 00 0.00 0 00 August 8 0 00 0 00 0 00 August 18 August 28 Total 0 00 0 00 0 000 0 10.600 2,000