Exercise 8-14 Inventory cost flow methods, perpetual system (LO8-1,8-4) 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-2,400 units; cost $6.50 each 3 Purchased 12.000 units for $5.99 each. 14 Sold 9,600 units for $12.00 each 13 Purchased 7,200 units for 55.60 each. 25 Sold 3.600 units for $11.00 each. 31 Inventory on hand 3. 0 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.) Cost of Goods Available for Sale Cost of Goods Sold August 14 Cost of Goods Sold August 25 PerLUEO: sol sol units I Cost of Cost per Goods unha Available for Cost per unk Cost of Goods Sold of units Cost per sold und Cost of Goods sold Cost per in ending Inventory 50.00 50 5 000 5 S000 Bog Inventory [Purchases August 00 000 August 18 Total 50