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. 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 last-in, first-out (LIFO). Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual LIFO: # of units Cost per Cost per unit Cost of Goods Available for Sale # of units sold Cost Cost of per unit Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory unit Ending Inventory Beg. Inventory 2,100 $ 6.20 $ 13,020 $ 6.20 $ 0 $ 6.20 $ 0 $ 6.20 Purchases: 5.60 5.60 5.60 5.60 10,500 6,300 5.40 5.40 5.40 5.40 0 August 8 August 18 August 28 Total 58,800 34,020 23,780 129,620 5.8 5.80 ololo 5.80 4,100 23,000 5.80 $ 0 $ 0 $ 0 $ 0 0 $ 0 On July 15, 2021, the Nixon Car Company purchased 2,000 tires from the Harwell Company for $40 each. The terms of the sale were 3/10, n/30. Nixon uses a perpetual inventory system and the net method of accounting for purchase discounts. xercise 8-10 (Algo) Parts 1 and 2 equired: Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. . Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record purchase of tires. Note: Enter debits before credits. Date General Journal Debit Credit July 15, 2021 Record entry Clear entry View general journal CP On July 15, 2021, the Nixon Car Company purchased 2,000 tires from the Harwell Company for $40 each. The terms of the sale were 3/10, n/30. Nixon uses a perpetual inventory system and the net method of accounting for purchase discounts. Exercise 8-10 (Algo) Parts 1 and 2 Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record payment of July 15 purchase. Note: Enter debits before credits. Date General Journal Debit Credit August 15, 2021 Record entry Clear entry View general journal