Required: 1. Using calculations based on a perpetuat 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. [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 2,980 units; cost $7.00 each. August 8 Purchased 14,50 units for $6,40 each. August 14 sold 11,600 units for $12.90 each. August 18 Purchased 8,700 units for $6,00 each. August 25 sold 10,608 units for $11.90 each. August 28 Purchased 4,900 units for $5.80 each. August 31 Inventory on hand 8,880 units