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. 3. 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 Average cost methods. (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold Inventory Balance Cost | Cost of | # of unit per unit Goods Sold ending Perpetual Avera Inventory Value | # of units SO in | Cost per Ending inventory #Of units. C ost per | Avg unit unit inventory Beginning Inventory Purchase August Sale August 14 Purchase August 18 Sale August 25 Total 4,000 3,000