Required information Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LO8-1, 8-4] [The following information applies to the questions dispiayed belom. Alita Corporation provides the following information related to its inventery during the month of August 2024 : Nagust 1 Inventory on hend 2,900 undte; cost $3,00 each. Auglant. a Parchannd 14,501 anitex far $6.411 *uch. Ruguet 14 sold 11,600 anste for $12.90 saet. Buguet 25 eold 10,600 anste for $11.90 esel. hugust in Parchaned \&,900 unite for \$9-110 ench. Bugust 31 Inventary on hane-a, 800 uaite. 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, balnnee sheet and the cost of goods sold it would report in its August 2024 incarne stetement usirlg the FIFO method