$.$ 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. Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion.

ides the following information related to its inventory during the month of August $2024$:

on hand$-3,500$ units; cost $\backslash (\backslash$$ $7\mathrm{.}60\backslash )$ each.

$17,500$ units for $\backslash (\backslash$$ $7\mathrm{.}00\backslash )$ each.

$0$ units for $\backslash (\backslash$$ $13\mathrm{.}50\backslash )$ each.

$10,500$ units for $\backslash (\backslash$$ $6\mathrm{.}80\backslash )$ each.

$0$ units for $\backslash (\backslash$$ $12\mathrm{.}50\backslash )$ each.

$5,500$ units for $\backslash (\backslash$$ $5\mathrm{.}80\backslash )$ each.

on hand$-10,000$ units.

n a perpetual inventory system, determine the inventory balance Altira would report in its August $31,$ cost of goods sold it would report in its August $2024$ income statement using the FIFO method.

Answer is complete but not entirely correct.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{3\}\{|$l$|\}\{$of Goods Available for Sale$\}$ & $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Cost of Goods Sold $-$ August $14\}$ & $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Cost of Goods Sold $-$ August $25\}$ & $\backslash$multirow$[$b$]\{2\}\{*\}\{$Total Cost of Goods Sold$\}$ & $\backslash$multicolumn$\{3\}\{|$c$|\}\{$Inventory Balance$\}\backslash \backslash$

$\backslash$hline & Cost

per

unit & $\backslash$begin$\{$tabular$\}\{|$c$\}$

Cost of $\backslash \backslash$

Goods $\backslash \backslash$

Available $\backslash \backslash$

for Sale

$\backslash$end$\{$tabular$\}$ & Number of units sold & Cost per unit & Cost of Goods Sold & Number of units sold & Cost per unit & Cost of Goods Sold & & Number of units in inventory & Cost per unit & Ending Inventory $\backslash \backslash$

$\backslash$hline $)$ & $\backslash$$$7\mathrm{.}60$ & $\backslash$$ $26,600$ & $\backslash (0\backslash$times $\backslash )$ & $\backslash$$ $7\mathrm{.}60$ & & $0\backslash$$ & $\backslash$$ $7\mathrm{.}60$ & $\backslash$$ $0$ & & $\backslash (3,500\backslash$times $\backslash )$ & $\backslash$$ $7\mathrm{.}60$ & $\backslash$$ $26,600\backslash \backslash$

$\backslash$hline & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline $)$ & $7\mathrm{.}00$ & $122,500$ & $14,000*$ & $7\mathrm{.}00$ & $98,000$ & $\backslash (2,500\backslash$times $\backslash )$ & $7\mathrm{.}00$ & $17,500$ & & $1,000*$ & $7\mathrm{.}00$ & $7,000\backslash \backslash$

$\backslash$hline $)$ & $6\mathrm{.}80$ & $71,400$ & $0$ & $6\mathrm{.}80$ & $0$ & $10,500*$ & $6\mathrm{.}80$ & $71,400$ & & $\backslash (0\backslash$times $\backslash )$ & $6\mathrm{.}80$ & $\backslash \backslash$

$\backslash$hline $)$ & $5\mathrm{.}80$ & $31,900$ & $\backslash (0\backslash$times $\backslash )$ & $5\mathrm{.}80$ & $0$ & $0($ & $5\mathrm{.}80$ & & & $5,500$ & $5\mathrm{.}80$ & $31,900\backslash \backslash$

$\backslash$hline $)$ & & $\backslash$$ $252,400$ & $14,000$ & & $\backslash$$ $98,000$ & $13,000$ & & $\backslash$$ $88,900$ & $\backslash$$ $186,900$ & $10,000$ & & $\backslash$$ $65,500\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$