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

August 1	Inventory on hand2,100 units; cost $6.20 each.
August 8	Purchased 10,500 units for $5.60 each.
August 14	Sold 8,400 units for $12.10 each.
August 18	Purchased 6,300 units for $5.40 each.
August 25	Sold 7,400 units for $11.10 each.
August 28	Purchased 4,100 units for $5.80 each.
August 31	Inventory on hand7,200 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.

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. Inventory Balance