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

August 1	Inventory on hand2,200 units; cost $6.30 each.
August 8	Purchased 11,000 units for $5.70 each.
August 14	Sold 8,800 units for $12.20 each.
August 18	Purchased 6,600 units for $5.20 each.
August 25	Sold 7,800 units for $11.20 each.
August 28	Purchased 4,200 units for $5.80 each.
August 31	Inventory on hand7,400 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.