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! 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 hand3,500 units; cost $7.60 each. 8 Purchased 17,500 units for $7.00 each. 14 Sold 14,000 units for $13.50 each. 18 Purchased 10,500 units for $6.80 each. 25 Sold 13,000 units for $12.50 each. 28 Purchased 5,500 units for $5.80 each. 31 Inventory on hand10,000 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 Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance etual FIFO: Cost per # of units 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 inventory Cost per unit Ending Inventory Inventory 3,500 $ 7.60 $ 26,600 $ 7.60 $ 7.60 $ 0 $ 7.60 $ ( hases: 17,500 7.00 122,500 7.00 7.00 7.00 ( ugust 8 ugust 18 ugust 28 6.80 6.80 O 6.80 6.80 10,500 5,500 37,000 5.80 71,400 31,900 $ 252,400 5.80 O 5.80 5.80 0 O 0 $ O $ 0 0 (

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