Pequired information Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LO8-1, 8-4] (The following information opplies to the quostions displayod bolow.) Aitira Corporation provides the following information felated to its inventory during the month of August 2024 August 1 Inventory on hass-2,260 units; cost 56.30 each. Aepust o Purchased 11,060 units for 55 . 70 each. nogust 14 Sold 8,800 units for $12.20 esch. Aogust is purchased 6.600 units for 55.20 each. Apust 25 sold 7,6ea units for $11,20 each. Ampust 26 purchased 4,260 units for 55 . $0 each. ajoust 31 imventary on hasd-7,4e6 units. Exercise 8-14 (Algo) Part 1 Required: 1. Using colculations based on a perpetual inventory system, determine the invemory balance Altira would report in iss August 31. 2024, balance sheet and the cost of goods sold it would report in as August 2024 income statement using the Fifo method