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Required information [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-3,000 units; cost $7.10 each. August 8 Purchased 15,000 units for $6.50 each. August 14 Sold 12,000 units for $13.00 each. August 18 Purchased 9,000 units for $6.00 each. August 25 Sold 11,000 units for $12.00 each. August 28 Purchased 5,000 units for $5.80 each. August 31 Inventory on hand-9,000 units. equired: Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31 , 024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method