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-3,600 units; cost $7.70 each. August 8 Purchased 18,000 units for $7.10 each. August 14 Sold 14,400 units for $13.60 each. August 18 Purchased 10,800 units for $6.60 each. August 25 Sold 13,400 units for $12.60 each. August 28 Purchased 5,600 units for $5.80 each. August 31 Inventory on hand-10,200 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