Requlred information The following information applies to the questions displayed below] Altra Corporation provides the following informaton related to its imventory diring the month of August 2024 Autust 2 Inventecy os hand-3,9ee units; cost 38 , es each. Aligust if Porchised 18,500 inits far $7,49 each. August 14 sold 15,609 units for $13.09 ench. Auguat il Purchased 11,700 units fac $5, ce each. Aueves in Burchared 5 , peet untet for $5, se ench. Auruat 19 tmontery on hand-10, leoe undts. Required: 1. Using cacculations based on o perpetual imentory system, determine the inventory balance Altro would repont in its Aupust 3t. 2024 , balarice sheet and the cost of goods sold in would report in its August 2024 income statement issng the Fifo method