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-2,000 units; cost $6.10 each. 8 Purchased 10,000 units for $5.50 each. 14 sold 8,000 units for $12.00 each 18 Purchased 6,000 units for $5.00 each 25 Sold 7,000 units for $11.00 each 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 report in its August 2018 income statement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.) Inventory Balance (Place the Inventory Bought Earlier First) Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods #of units | #0f units in ending tual FIF # of units Cost per unit Cost of Goods Sold Ending Inventory Cost per r | unit Available for unit inventory Sale August 1 August 8 August 14 August 18 August 25 Total Cost of Goods Sold and Ending inventory