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 6,080 units for $12.80 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,080 units for $11.80 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7, eee 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. 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 Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0.00 $ 0.00 $ $ 0.00 $ | Beg. Inventory Purchases: August 8 August 18 August 28 Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.00 1 0 .00 S 01 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 $12.80 each. 18 Purchased 6,eee units for $5.60 each. 25 Sold 7,080 units for $11.89 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 in # of units Cost per unit Inventory Value # of units Avg.Cost sold per unit Cost of Goods Sold ending inventory Cost per unit Ending inventory Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Purchase - August 28 Total