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 $5.00 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. 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. 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 # of Cost per units unit Cost of Goods Sold # of units Cost per sold Cost of Total Cost of unit Goods Sold Goods Sold sold # of units in inventory Cost per unit Ending Inventory Sale Beg Inventory 2,000 $530 5 10,000 S 5:30 $ 5.30 $ $ 5.30 $ 0 Purchases August 8,000 5.50 44,000 550 5.50 550 0 August 18 6.000 5.00 33,000 5.60 0 560 5.60 August 281 4,000) 5.80 23,200 5.80 580 5 80 Total 20,000 $ 111,400 S 0 0 $ 05 0 $ 0