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-2,100 units; cost $6.20 each. August 8 Purchased 10,500 units for $5.60 each. August 14 Sold 8,400 units for $12.10 each. August 18 Purchased 6,300 units for $5.40 each. August 25 Sold 7,400 units for $11.10 each. August 28 Purchased 4,100 units for $5.80 each.. August 31 Inventory on hand-7,200 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 Sold - August 25 Cost of Goods Available for Sale Cost of Goods Sold - August 14 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 sold Cost of Goods Sold Total Cost of Goods Sold sold Number of units in Inventory Inventory Balance Cost per unit Ending Inventory Beginning Inventory 2,100 $6.20 $ 13,020 $ 6.20 $ 6.20 $ 6.20 Purchases: August 8 10.500 5.60 58,800 5.60 August 18 6,300 5.40 34,020 5.40 August 28 4,100 5.80 23,780 5.80 Total 23,000 S 129,620 5.60 5.40 5.80 5.60 5.40 5.80