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-2,000 units; cost $6.10 each 8 Purchased 10,000 units for $5.50 each. 14 Sold 8,000 units for $12.00 each. 18 Purchased 6,000 units for $5.00 each. 25 Sold 7,000 units for $11.00 each 31 Inventory on hand-3,000 units. 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.) 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 Inventory Bala Cost of PerpetuaLLIER| #of Cost per Goods | units | # of units # of I cost per cost per Cost per Cost of unit Goods Sold sold # of units Cost of unit Available for sold Sale units unit Goods Sold unit inventory Beg. Inventory Purchases August 8 August 18 Total Cost of Goods Sold - August 14 #of sold Cost of Goods Sold - August 25 Inventory Balance # of units Cost per | Cost of unit Goods Sold sold | # of units Cost per Cost of unit Goods Sold in ending inventory Cost perEnding unit Inventory