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-2,300 units; cost $6.40 each. 8 Purchased 11,500 units for $5.80 each. 14 Sold 9, 200 units for $12.30 each. 18 Purchased 6,900 units for $5.00 each. 25 Sold 8, 200 units for $11.30 each. 28 Purchased 4,300 units for $5.80 each. 31 Inventory on hand-7, 600 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 Cost of Goods Available for Sale Cost of Perpetual FIFO: # of Cost per Cost per Cost per Total Cost of Goods Cost of # of units Cost of #of units units unit Available for unit Goods Sold sold unit Goods Sold Goods Sold sold Sale $ Beg. Inventory 0.00 0.00 0 Purchases: 0.00 August 8 0.00 0.00 0.00 August 18 0 August 28 0.00 0 0.00 O$ $ $ Total $ 0 0 0 0 0 0 #of units Cost per unit Ending Inventory in ending inventory $ 0.00 $ 0 0.00 0 0.00 0.00 $ 0 0

FIFO - PERPETUAL METHOD COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD - AUGUST 14 COST OF GOODS SOLD - AUGUST 25 TOTAL COST OF GOODS SOLD ENDING INVENTORY Date Particulars No. of Units Cost Per unit Total No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Ending invetory Aug, 01 Beginning inventory 2300 $ 6.40 $14,720 2300 $ 6.40 $14,720 $14,720 Purchases: Aug, 08 Purchases 11500 $ 5.80 $66,700 6900 $ 5.80 $40,020 4600 $ 5.80 $26,680 $66,700 Aug, 18 Purchases 6900 $ 5.00 $34,500 3600 $ 5.00 $18,000 $18,000 3300 $ 5.00 $16,500 Aug, 28 Purchases 4300 $ 5.80 $24,940 4300 $ 5.80 $24,940 Total 25,000 $1,40,860 9,200 $54,740 8,200 $44,680 $99,420 7,600 $41,440 .

Required information [The following information appli…

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FIFO - PERPETUAL METHOD
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD - AUGUST 14			COST OF GOODS SOLD - AUGUST 25			TOTAL COST OF GOODS SOLD	ENDING INVENTORY
Date	Particulars	No. of Units	Cost Per unit	Total	No. of Units	Cost Per unit	Cost of Goods Sold	No. of Units	Cost Per unit	Cost of Goods Sold		No. of Units	Cost Per unit	Ending invetory
Aug, 01	Beginning inventory	2300	$ 6.40	$14,720	2300	$ 6.40	$14,720				$14,720

Purchases:
Aug, 08	Purchases	11500	$ 5.80	$66,700	6900	$ 5.80	$40,020	4600	$ 5.80	$26,680	$66,700
Aug, 18	Purchases	6900	$ 5.00	$34,500				3600	$ 5.00	$18,000	$18,000	3300	$ 5.00	$16,500
Aug, 28	Purchases	4300	$ 5.80	$24,940								4300	$ 5.80	$24,940

	Total	25,000		$1,40,860	9,200		$54,740	8,200		$44,680	$99,420	7,600		$41,440

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