Altra Corporation provides the following information related to its inventory during the month of August 2024 : August 1 inventory on hand-3,200 units; cost $7,30 each. August 8 Purchased 16,000 units for 56,70 each. August 14 Sold 12,800 units for $13.20 each. hugust 18 Purchased 9,600 units for $6.20 each. Aagust 25 Sold 11,800 units for $12.20 each. August 28 Purchased 5,200 units for $5.80 each. Augost 31 inventory on hand-9,400 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 , 2024 , bolance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method