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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.)

Required information [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-2,100 units; cost $6.20 each. 8 Purchased 10,500 units for $5.60 each. 14 Sold 8,400 units for $12.10 each. 18 Purchased 6,300 units for $5.40 each. 25 Sold 7,400 units for $11.10 each. 28 Purchased 4,100 units for $5.80 each. 31 Inventory on hand-7,200 units. 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 Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 2.100 $ 6.20 $ 13,020 # of units sold Cost per Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold unit # of units in inventory Cost per unit Ending Inventory 2,100 $ 6.20 $ 13,020 0 $ 6.20 $ 0 $ 6.20 $ 0 10,500 0 5.60 Beg. Inventory Purchases August 8 August 18 August 28 Total 5.60 5.40 5.80 10,500 3,200 58,800 17,280 6,300 4,100 23,000 5.60 5.40 5.80 17.280 58,800 34,020 23.780 129,620 3,200 0 3,200 5.40 5.80 3,100 4,100 7,200 5.60 5.40 5.80 0 16,740 23,780 40,520 $ 15,800 $ 89,100 17,280 $ 106,380 $

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