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-3,600 units; cost $7.70 each. 8 Purchased 18,000 units for $7.10 each 14 Sold 14,400 units for $13.60 each 18 Purchased 10,800 units for $6.60 each. 25 Sold 13,400 units for $12.60 each 31 Inventory on hand-4,600 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.)