Required information Exercise 8-14 Inventory cost flow methods; perpetual system (LO8-1, 8-4 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, 800 units; cost $6.90 each. 8 Purchased 14,000 units for $6.30 each. 14 Sold 11,200 units for $12.80 each. 18 Purchased 8,400 units for $5.80 each. 25 Sold 10,200 units for $11.80 each. 31 Inventory on hand-3, 800 units. Exercise 8-14 Part 2