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-3,788 units; cost $7.8 each. 8 Purchased 18,5units for $7.28 each. 14 Sold 14,800 units for $13.7 each 18 Purchased 11,180 units for $6.48 each. 25 Sold 13,80e units for $12.79 each. 31 Inventory on hand-4,788 units Exercise 8-14 Part 1 Required: 1. Determine the Inventory balance Altira would report In its August 31, 2018, balance sheet and the cost of goods sold It would repont In its August 2018 Income statement using the FIFO method. (Round "Cost per Unlt" to 2 decimal places.)