Altira Corporation provides the following information related to its inventory during the month of August 2024 : August 1 Inventory on hand-3,500 units; cost $7.60 each. August 8 Purchased 17,500 units for $7.00 each. August 14 Sold 14,000 units for $13.50 each. August 18 Purchased 10,500 units for $6.80 each. August 25 Sold 13,000 units for $12.50 each. August 28 Purchased 5,500 units for $5.80 each. August 31 Inventory on hand-10,000 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31,2024 , balance sheet and the cost of goods sold it would report in its August 2024 income statement using last-In, first-out (LIFO)