Exercise $8-14($Algo$)$ Inventory cost flow methods; perpetual system $[$LO$8-1,8-4]$

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Altira Corporation provides the following information related to its inventory during the month of August $2024$: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.

$\backslash$table$[[$Perpetual FIFO:,Cost of Goods Available for Sale,Cost of Goods Sold $-$ August $14,$Cost of$$uoods Sold $-$ August $25,\backslash$table$[[$Total Cost of$],[$Goods Sold$]],$Inventory Balance$],[\backslash$table$[[$Number of$],[$units$]],\backslash$table$[[$Cost per$],[$unit$]],,\backslash$table$[[$ost of$],[$Goods$],[$lable for$],[$Sale$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number of$],[$units in$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$End$],[$Inver$]]],[$Beginning Inventory,$2,300,$$$6\mathrm{.}40,,14,720,,$$ $6\mathrm{.}40,,,$$$,6\mathrm{.}40,$$$0,,,$$ $6\mathrm{.}40,$$