[The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: xercise 8-14 (Algo) Part 1 equired: . Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, alance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method