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

August $1$ Inventory on hand$2,300$ units; cost $$6\mathrm{.}40$ each.

August $8$ Purchased $11,500$ units for $$5\mathrm{.}80$ each.

August $14$ Sold $9,200$ units for $$12\mathrm{.}30$ each.

August $18$ Purchased $6,900$ units for $$5\mathrm{.}00$ each.

August $25$ Sold $8,200$ units for $$11\mathrm{.}30$ each.

August $28$ Purchased $4,300$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$7,600$ units.

Exercise $8-14($Algo$)$ Part $1$

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.