[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, 100 units; cost $6.20 each. August 8 Purchased 10,500 units for $5.60 each. August 14 Sold 8,400 units for $12.10 each. August 18 Purchased 6,300 units for $5.40 each. August 25 Sold 7,400 units for $11.10 each. August 28 Purchased 4,100 units for $5.80 each. August 31 Inventory on hand-7, 200 units. August 1 Inventory on hand-2, 100 units; cost $6.20 each. August 8 Purchased 10,500 units for $5.60 each. August 14 Sold 8,400 units for $12.10 each. August 18 Purchased 6,300 units for $5.40 each. August 25 Sold 7,400 units for $11.10 each. August 28 Purchased 4,100 units for $5.80 each. August 31 Inventory on hand-7, 200 units. Exercise 8-14 (Algo) Part 1 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