Required information 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-2,800 units; cost $6.10 each. 8 Purchased 10,009 units for $5.58 each 14 Sold 8,000 units for $12.80 each. 18 Purchased 6,808 units for $55.00 each 25 Sold 7,000 units for $11.80 each 31 Inventory on hand-3,000 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 petual FIFO: #of | |#of units | | |"Of units inventory #of Cost per l Goods units unit Available for Cost per Cost perCost of Cost of unit Goods Sold sold Cost per Cost of Cost perEnding sold unit Goods Sold Inventory Beg Inventory Purchases $ 0.00 0.00S S 0.00S August 8 August 18 0.00 0.00 0,00 0.00 Total