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Aug.1	Inventory on hand3,900 units; cost $8.00 each.
8	Purchased 19,500 units for $7.40 each.
14	Sold 15,600 units for $13.90 each.
18	Purchased 11,700 units for $6.60 each.
25	Sold 14,600 units for $12.90 each.
28	Purchased 5,900 units for $5.80 each.
31	Inventory on hand10,800 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).

Perpetual LIFO: Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance # of units Cost per unit Cost of Goods Available for Sale # of units sold 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 ending inventory Cost per unit Ending Inventory Beg. Inventory 3,900 $8.00 $31,200 x $8.00 $0 x $8.00 $0 3,900 $8.00 $31,200 Purchases: August 8 19,500 7.40 144,300 x 7.40 x 7.40 x 7.40 August 18 11,700 6.60 77,220 x 6.60 0 x 6.60 x 6.60 0 August 28 5,900 5.80 34,220 x 5.80 0 x 5.80 x 5.80 Total 41,000 $286,940 0 $0 0 $0 $0 3,900 $31,200

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