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.

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—2,500 units; cost $6.60 each.
8	Purchased 12,500 units for $6.00 each.
14	Sold 10,000 units for $12.50 each.
18	Purchased 7,500 units for $5.20 each.
25	Sold 9,000 units for $11.50 each.
31	Inventory on hand—3,500 units.