standarting Help Save text Check my work Required information Exercise 8-14 (Algo) 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-3,700 units; cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10,400 units. Exercise 8-14 (Algo) Part 1 equired: Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021. Check my work 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. Perpetual FIFO: Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Cost of Goods Available for Sale Cost of Cost per # of units Goods unit Available for Sale 3,700 $ 7.80 $ 28.860 #of units sold Cost per unit Cost of Goods Sold of units Cost per sold unit Cost of Goods Solid Total Cost of #of units Goods Sold Coi $ 7.80 Inventory $ 7.80 $ 0 Beg. Inventory Purchases August 8 August 18 August 28 Total S 18,500 11.100 45,700 39,000 7.20 6.40 5.80 133.200 71,040 33,060 $ 266,160 7.20 6.40 5.80 0 7.20 6.40 5.80 0 $ 00 0 $ OS 0 0