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-3,300 units; cost $7.40 each. August 8 Purchased 16,500 units for $6.80 each. August 14 Sold 13,200 units for $13.30 each. August 18 Purchased 9,900 units for $6.20 each. August 25 Sold 12,200 units for $12.30 each. August 28 Purchased 5,300 units for $5.80 each. August 31 Inventory on hand 9,600 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