Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LO8-1, 8-4] [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its inventory during the month of August 2024 : August 1 Inventory on hand-3,500 units; cost $7.60 each. August 8 Purchased 17,500 units for $7.00 each. August 14 Sold 14,000 units for $13.50 each. August 18 Purchased 10,500 units for $6.80 each. August 25 Sold 13,000 units for $12.50 each. August 28 Purchased 5,500 units for $5.80 each. August 31 Inventory on hand-10,000 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, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Cost of Goods Sold - August 25} & & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline \multirow[t]{2}{*}{\begin{tabular}{c} Number \\ of units \\ sold \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{c} Cost of \\ Goods Sold \end{tabular} & \begin{tabular}{l} Total Cost of \\ Goods Sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{l} Number of \\ units in \\ inventory \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} Ending \\ Inventory \end{tabular}} \\ \hline & $ & 7.60 & $ & & & $ & 7.60 & $ & 0 \\ \hline & & 7.00 & & & & & 7.00 & & 0 \\ \hline & & 6.80 & & & & & 6.80 & & \\ \hline & & 5.80 & & & & & 5.80 & & \\ \hline 0 & & & $ & 124,800 & 0 & & & $ & 0 \\ \hline \end{tabular}