2. Determined the inventory balance Altria what report and its August 31, 2018, balance sheet and the cost of goods sold it word report in its August 2018 income statement using LIFO method.

3. Determined the inventory balance Altria what report and its August 31, 2018, balance sheet and the cost of goods sold it word report in its August 2018 income statement using average cost method.

Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug.1 Inventory on hand-3,700 units; cost $7.80 each 8 Purchased 18,500 units for $7.20 each 14 Sold 14,800 units for $13-70 each 18 Purchased 11,100 units for $6.40 each 25 Sold 13, 800 units for 12.70 each. 31 Inventory on hand-4,700 units 2. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Sold August14 Cost of Goods Sold August 25 Cost of sold per unitGoods Inventory Balance #of Cost :Cost of Goods #of # of units in ending o: Cost Cost Ending Soldnventory er unit Inventory ,700s 7.80 units unit Available |units | Cost Cost of #of sold per unit Goods Sold for Sale Beg 700$780 28,860 7.80 7.80 28,860 Purchases August 8 18,500 720 133,200 8,400 7.20 60,480 9,100 7.20 65,520 6.40 40,960 4,700 6.40 30080 95,600 0007.20 7,200 August 18 11100640006,400 233,100 14,800 6.40 Total 33,300 101,440 13,800 4.700 36,060