Exercise $-14($AIgo$)$ inventory cost riow metnoas; perpetual system $[$LU$-1,-4]$

$[$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$-2,200$ units; cost $$6\mathrm{.}30$ each.

August $8$ Purchased $11,000$ units for $$5\mathrm{.}70$ each.

August $14$ Sold $8,800$ units for $$12\mathrm{.}20$ each.

August $18$ Purchased $6,600$ units for $$5\mathrm{.}20$ each.

August $25$ Sold $7,800$ units for $$11\mathrm{.}20$ each.

August $28$ Purchased $4,200$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$-7,400$ units.

Exercise $8-14($Algo$)$ Part $1$

Required:

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.