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 hand2,300 units; cost $6.40 each.
8	Purchased 11,500 units for $5.80 each.
14	Sold 9,200 units for $12.30 each.
18	Purchased 6,900 units for $5.00 each.
25	Sold 8,200 units for $11.30 each.
31	Inventory on hand3,300 units.

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 Cost of Goods Sold Perpetual Average Cost per unit # of units Inventory Value # of units Avg.Cost sold Inventory Balance # of units in Cost per Ending ending unit inventory inventory Cost of Goods Sold per unit Beginning Inventory Purchase - August 8 Sale - August 14 4,600 Purchase - August 18 Sale - August 25 3,300 Total 0 $ 0 0 $ 0