! Required information 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-3,100 units; cost $7.20 each. August 8 Purchased 15,500 units for $6.60 each. August 14 Sold 12,400 units for $13.10 each. August 18 Purchased 9,300 units for $5.80 each. August 25 Sold 11,400 units for $12.10 each. August 28 Purchased 5,100 units for $5.80 each. August 31 Inventory on hand-9,200 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. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Perpetual FIFO: Number of Cost per units unit Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold Number of units Cost per unit Cost of Goods Sold Total Cost of Goods Sold sold sold Number of units in inventory Cost per unit Ending Inventory 3,100 $ 7.20 $ 22,320 $ 7.20 $ 7.20 $ 0 $ 7.20 $ 0 Beginning Inventory Purchases: August 8 15,500 6.60 102,300 6.60 6.60 6.60 0 August 18 9,300 5.80 53,940 5.80 0 5.80 5.80 August 28 5,100 5.80 29,580 5.80 0 5.80 5.80 Total 33,000 $ 208,140 $ 0 0 $ 0 $ 0 $