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-2,600 units; cost $6.70 each 8 Purchased 13,000 units for $6.10 each. 14 Sold 10,400 units for $12.60 each 18 Purchased 7,800 units for $5.60 each. 25 Sold 9,400 units for $11.60 each 31 Inventory on hand-3,600 units. Exercise 8-14 Part 2 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.)