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-2,000 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 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.50 each. 31 Inventory on hand-7,000 units. Exercise 8-14 (Static) 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. D Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold-August 25 Inventory Balance Perpetual FIFO of units Cost per unit Cost of Goods Available for Sale of units sold Cost per unit Cost of of units Cost per of units Goods Sold sold unit Cost of Goods Sold Total Cost of Goods Sold Cost per unit Ending Inventory inventory Beg Inventory Purchases August 8 2.000 $530 $ 10,600 $ 530 $ 530 5 0 $ 5.30 $ 8.000 550 44,000 5.50 August 18 6.000 560 33.600 560 August 28 4.000 580 23.200 5.80 Total 20,000 $ 111,400 S 550 5.50 560 5.60 500 5.00 $ 0 $ 0 0 $