Required information [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-2,200 units; cost $6.30 each. August 8 Purchased 11,000 units for $5.70 each. August 14 Sold 8,800 units for $12.20 each. August 18 Purchased 6,600 units for $5.20 each. August 25 sold 7,800 units for $11.20 each. August 28 Purchased 4,200 units for $5.80 each. August 31 Inventory on hand-7,400 units. acquired: . Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31 , 024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method