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.) Cost of Goods Available for Sale Cost of Goods Sold - August 14 Cost of Goods Sold August 25 Inventory Balance Perpetual LIFO: Cost of Goods #of units # of units Cost per # of units En Inve Cost of Cost per unit Cost of | # of units Goods Sold sold cost per unit Cost per Goods Sold in ending inventory unit Available for unit Sale Beg. Inventory $0.00 $0.00 S $ 0.00 Purchases August 8 August 18 0.00 0.00 0.00 0.00 0.00 0.00 Total 0 0 0