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

August $1$ Inventory on hand$-2,700$ units; cost $$6\mathrm{.}80$ each.

August $8$ Purchased $13,500$ units for $$6\mathrm{.}20$ each.

August $14$ Sold $10,800$ units for $$12\mathrm{.}70$ each.

August $18$ Purchased $8,100$ units for $$5\mathrm{.}60$ each.

August $25$ Sold $9,800$ units for $$11\mathrm{.}70$ each.

August $28$ Purchased $4,700$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$-8,400$ units.

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

Required:

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.