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Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug. 1 Inventory on hand-2,900 units; cost $7.00 each. 8 Purchased 14,500 units for $6.40 each. 14 Sold 11,600 units for $12.90 each. 18 Purchased 8,700 units for $6.00 each. 25 Sold 10,600 units for $11.90 each. 28 Purchased 4,900 units for $5.80 each. 31 Inventory on hand-8,800 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. Perpetual FIFO: Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Cost of # of Goods Cost per Cost per Cost of # of units Cost per # of units Cost of units unit Available for unit Goods Sold sold unit Goods Sol sold Salo 2,900 $ 7.00 $ 20,300 $ 7.00 $ 7.00 $ Beg. Inventory Purchases: August 8 August 18 August 28 Total 6.40 6.00 5.80 6.40 6.00 1,900 8,700 14,500 8,700 4,900 31.000 12.10 52.21 92,800 116,000 52,200 28,420 193,720 116,000 742,400 0 0 $742.400 6.40 6.00 5.80 5.80 $ 10,600 $ 64.31 wyed below) ted to its merchandise inventory during rach. etermine the inventory balance Altira would report in would report in its August 2021 income statement Answer is not complete. Cost of Goods Sold - August 25 Boods Sold - August 14 Inventory Balance Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in Inventory Cost per unit Ending Inventory $ 7,00 S 7.00 S 0 2,900 $ 7.00 S 20,300 2 6.40 6.40 1,000 X 6,400 1,900 8,700 12.160 52.200 6.00 742,400 0 O $ 742.400 6.00 5.80 6.40 6.00 5.80 5.80 4900 8,800 28.420 $ 55,120 10,600 $ 64,360 s 806,760

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