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-3,400 units; cost $7.50 each. August 8 Purchased 17,000 units for $6.90 each. August 14 Sold 13,600 units for $13.40 each. August 18 Purchased 10,200 units for $6.40 each. August 25 Sold 12,600 units for $12.40 each. August 28 Purchased 5,400 units for $5.80 each. August 31 Inventory on hand-9,800 units. August 1 Inventory on hand 3,400 units; cost $7.50 each. August 8 Purchased 17,000 units for $6.90 each. August 14 Sold 13,600 units for $13.40 each. August 18 Purchased 10,200 units for $6.40 each. August 25 Sold 12,600 units for $12.40 each. August 28 Purchased 5,400 units for $5.80 each. August 31 Inventory on hand 9,800 units. 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