Altira Corporation provides the following information related to its inventory during the month of August 2024 : August 1 Inventory on hand-4,000 units; cost $8.10 each. August 8 Purchased 20,000 units for $7.50 each. August 14 Sold 16,000 units for $14.00 each. August 18 Purchased 12,000 units for $7.00 each. August 25 Sold 15,000 units for $13.00 each. August 28 Purchased 6,000 units for $5.80 each. August 31 Inventory on hand-11,000 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