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-2,000 units, cost 55,30 each. August 8 Purchased 8,000 unita for $5,50 each. August 14 Sold 6,000 units for $12,00 each. August 18 Purchased 6,000 units for $5,60 each. August 25 Sold 7,000 units for $11.00 each. Auguet 28 Purchesed 4,000 un 4t for $5,80 each. August 31 Inventory on hand-7,000 unita. 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31 . 2024, bolance sheet and the cost of goods sold it would report in its August 2024 income statement using the FifO method 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-2,000 units, cost 55,30 each. August 8 Purchased 8,000 unita for $5,50 each. August 14 Sold 6,000 units for $12,00 each. August 18 Purchased 6,000 units for $5,60 each. August 25 Sold 7,000 units for $11.00 each. Auguet 28 Purchesed 4,000 un 4t for $5,80 each. August 31 Inventory on hand-7,000 unita. 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31 . 2024, bolance sheet and the cost of goods sold it would report in its August 2024 income statement using the FifO method