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%3B 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. Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Cost of Perpetual FIFO: Number of Cost per units unit Goods Available for Number of units sold Cost per unit Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold Number of units in inventory Cost per unit Ending Inventory Sale 3,400 $ 7.50 $ 25,500 $ 7.50 $ 7.50 $ 0 $ 7.50 $ 0 Beginning Inventory Purchases: August 8 17,000 6.90 117,300 6.90 6.90 6.90 0 August 18 10,200 6.40 65,280 6.40 0 6.40 6.40 August 28 5,400 5.80 31,320 5.80 0 5.80 5.80 Total 36,000 $ 239,400 0 $ 0 0 $ 0 $ 0 $ 0