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 August2021:Aug. 1 Inventory on hand-3,600 units; cost $7.70 each.8 Purchased 18,000 units for $7.10 each.14 Sold 14, 400 units for $13.60 each.18 Purchased 10,800 units for $6.60 each.25 Sold 13,400 units for $12.60 each.28 Purchased 5,600 units for $5.80 each.31 Inventory on hand-10,200 units.Required:1. Using calculations based on a perpetual inventory system, determine the inventory Balance Altira would report in its August 31, 2021,palance 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 25Inventory BalanceCost of Goods Available for SaleCost of Goods Sold - August 14Cost ofGoods# of unitsinCost perEnd# ofunitssoldTotal Cost ofGoods SoldPerpetual FIFO:Cost perunitCost of# of unitsCost perCost ofCost perunitGoods SoldunitInven# of unitsGoods SoldsoldinventoryAvailable forSaleunit247.70$7.702$7.70Beg. Inventory3,600$ 7.7027,7207.10Purchases:7.107.1018,0007.10127,8006.60August 86.606.6010,8006.6071,2805.80August 185.805.805,6005.8032,480August 2838,000$259,280TotalNext >< Prev6 7of 8

Name: Required information[The following information applies to the questio
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 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 August2021:Aug. 1 Inventory on hand-3,600 units;