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. 3. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would repo in its August 2018 income statement using the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per Inventory Value # of units # of units Avg.Cost sold per unit Cost of Goods Sold Inventory Balance # of units in Cost per ending Ending unit inventory inventory unit 4,400 Beginning Inventory Purchase - August 8 Sale - August 14 Purchase - August 18 Sale - August 25 Total 3.200