Required information: Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LOB-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-2,300 units; cost $6.40 each. August & Purchased 11,500 units for $5.80 each. August 14 Sold 9,200 units for $12.30 each. August 1 Purchased &,900 units for $5.00 each. August 25 Sold 8,200 units for $11.30 each. August 28 Purchased 4,300 units for $5.00 each. August 31 Inventory on hand-7,600 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 Perpetual FIEO: Number of Cost per units Cost of Goods unit Number Available for of units sold Sale Cost per unit Cost of Cost of Goods Sold - August 25 Number Goods Sold of units sold Inventory Balance Number of Cost per unit Cost of Goods Sold Total Cost of Goods Sold units in inventory Cost per Ending unit Inventory Beginning Inventory 2.300 $640 5 14,720 $ 6.40 $ 640 S 640 Purchases August 0 11.500 5.80 66,700 5.80 500 August 10 6.900 5.00 34.500 5.00 500 August 28 4.300 580 24.940 580 5.00 5.80 5.00 580 Total 25.000 $ 140.060