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Required information

Exercise $8-14($Algo$)$ Inventory cost flow methods; perpetual system $[$L$08-1,8-4]$

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Altira Corporation provides the following information related to its inventory during the month of August $2024$:Exercise $8-14($Algo$)$ Part $1$

Required:

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.

$\backslash$table$[[\backslash$table$[[$Perpetual FIFO:$],[$Beginning Inventory$]],$Cost of Goods Available for Sale,Cost of Goods Sold $-$ August $14,$Cost of Goods Sold $-$ August $25,\backslash$table$[[$Total Cost of$],[$Goods Sold$]],$Inventory Balance$],[\backslash$table$[[\backslash$table$[[$Number of$],[$units$]]],[2,900]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[\backslash$table$[[$Cost of$],[$Goods$],[$Available for$],[$Sale$]]]],\backslash$table$[[\backslash$table$[[$Number$],[$of units$],[$sold$]]]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[\backslash$table$[[$Cost of$],[$Goods Sold$]]]],\backslash$table$[[\backslash$table$[[$Number$],[$of units$],[$sold$]]]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[\backslash$table$[[$Number of$],[$units in$],[$inventory$]]]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$$$7\mathrm{.}00,$$$,20,300,$$$,7\mathrm{.}00,$$$,7\mathrm{.}00,$$$,7\mathrm{.}00],[$Purchases:$],[$August $8,14,500,6\mathrm{.}40,,92,800,,,6\mathrm{.}40,,,,6\mathrm{.}40,,,,,6\mathrm{.}40,],[$August $18,8,700,6\mathrm{.}00,,52,200,,,6\mathrm{.}00,,,,6\mathrm{.}00,,,,,6\mathrm{.}00,],[$August $28,4,900,5\mathrm{.}80,,28,420,,,5\mathrm{.}80,,,,5\mathrm{.}80,,,,,5\mathrm{.}80,],[$Total$,31,000,,$$$,193,720,,,,,,,,,,,,,]]$