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 $2024$:

August $1$ Inventory on hand$2,500$ units; cost $$6\mathrm{.}60$ each.

August $8$ Purchased $12,500$ units for $$6\mathrm{.}00$ each.

August $14$ Sold $10,000$ units for $$12\mathrm{.}50$ each.

August $18$ Purchased $7,500$ units for $$5\mathrm{.}20$ each.

August $25$ Sold $9,000$ units for $$11\mathrm{.}50$ each.

August $28$ Purchased $4,500$ units for $$5\mathrm{.}80$ each.

August $31$ Inventory on hand$8,000$ units.

Exercise $8-14($Algo$)$ Part $2$

$2.$ 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 Average cost method.