Altira Corporation provides the following information related to its inventory during the month of August 2024:

August 1 Inventory on hand2,400 units; cost $6.50 each.

August 8 Purchased 12,000 units for $5.90 each.

August 14 Sold 9,600 units for $12.40 each.

August 18 Purchased 7,200 units for $5.40 each.

August 25 Sold 8,600 units for $11.40 each.

August 28 Purchased 4,400 units for $5.80 each.

August 31 Inventory on hand7,800 units.

Required: 1. 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 the FIFO method.