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 hand3,900 units; cost $8.00 each.
8	Purchased 19,500 units for $7.40 each.
14	Sold 15,600 units for $13.90 each.
18	Purchased 11,700 units for $6.60 each.
25	Sold 14,600 units for $12.90 each.
31	Inventory on hand4,900 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.)