Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:

Aug.1	Inventory on hand3,600 units; cost $7.70 each.
8	Purchased 18,000 units for $7.10 each.
14	Sold 14,400 units for $13.60 each.
18	Purchased 10,800 units for $6.60 each.
25	Sold 13,400 units for $12.60 each.
28	Purchased 5,600 units for $5.80 each.
31	Inventory on hand10,200 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, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method.