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. Required 1. 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 FIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold - August 25 Inventory Balance Cost of # of units | Cost per erpetual FIFO: #of # of Cost per Goods units Cost per unit | Cost of Goods Sold sold | # of units Cost per Cost of e for units sold Ending Inventory unit Available for Goods Sold in ending unit unit inventory Beg. Inventory $0.00 $ 0.00 S 000 S Purchases August 8 August 18 0.00 0.00 0.00 0.00 0.00 0.00 Total