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-3,700 units; cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 31 Inventory on hand-4,700 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 method (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Perpetual Average Cost per Cost of Goods Sold # of units Avg.Cost Cost of sold per unit Goods Sold Inventory Value of units Inventory Balance #of units in Cost per Ending ending unit inventory inventory 3.700 7.80 $ 28.860 3.700 S 780S 18.500 7.20 28 860 133 200 Beginning inventory Purchase August Sale August 14 Purchase - August 18 Sale August 25 14800 7.30 108.040 7.400 730 S 54020 11.100 $ 6.40 71040 13.800 4.700