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-2,200 units; cost $6.30 each. 8 Purchased 11,000 units for $5.70 each 14 Sold 8,800 units for $12.20 each 18 Purchased 6,600 units for $5.20 each. 25 Sold 7,800 units for $11.20 each 31 Inventory on hand-3,200 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.) Cost of Goods Available for Sale Cost of Goods Sold-August 14 Cost of Goods Sold-August 25 Inventory Balance Cost of Cost of#of units inventory #of #of Cost per Goods units Cost per unit Cost of | # of units Goods Sold sold cost per unit unit Available for units Sale Goods Sold In ending Cost per Ending unit Inventory sold Beg. Inventory Purchases: August 8 August 18 Total