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Exercise $8-14($Static$)$ Inventory cost flow methods; perpetual system $[$LO$8-1,8-4]$

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Altira Corporation provides the following information related to its inventory during the month of August $2024$:

August $1$ Inventory on hand$2,000$ units; cost $$5\mathrm{.}30$ each.

August $8$ Purchased $8,000$ units for $$5\mathrm{.}50$ each.

August $14$ Sold $6,000$ units for $$12\mathrm{.}00$ each.

August $18$ Purchased $6,000$ units for $$5\mathrm{.}60$ each.

August $25$ Sold $7,000$ units for $$11\mathrm{.}00$ each.

August $28$ Purchased $4,000$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$7,000$ units.

Exercise $8-14($Static$)$ 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.