02.02.49 Book Altira Corporation provides the following information related to its inventory during the month of August 2024 August 1 Inventory on hand-3,200 units; cost $5.90 each. August & Purchased 12,000 units for $6.10 each. August 14 Sold 9,600 units for $12.60 each. August 10 Purchased 9,600 units for $6.20 each. August 25 Sold 11,200 units for $11.60 each. August 28 Purchased 6,400 units for $6.40 each. August 31 Inventory on hand-11,200 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using each of the following cost flow methods Cost of Goods Available for Sale Cost of Goods Sold Periodic FIFO FIFO Number of units Cost per unit Cost of Goods: Available for Sale: Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Ending Inventory Periodic FIFO Cost Ending per unit Inventory Beginning Inventory Purchases 3,200 $5.90 $ 18,880 3,200 $5.90 $ 18,880 0 $5.90 $ 0 August 8 12,000 $6.10 78,080 12,800 $6.10 78,080 0 $610 0 August 18 9,600 $6.20 59,520 $6.20 August 28 6,400 $6.40 40.960 0 $640 $6.20 6.400 56.40 40.960 Total 32.000 $ 197 440 16,000 S 96.960 6,400 $ 40.960 LIFO > FIFO & Average Cost Determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 incor LIFO method. Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO Ending Inventory Periodic LIFO Number of units Cost Ending per unit Inventory LIFO Cost Number of units per unit Cost of Goods: Available for Sale Number of units sold Cost per unit Cost of Goods Sold in ending inventory Beginning Inventory 3,200 $5.90 S 18.880 0 $5.90 $ 0 3.200 $5.90 $ 18,000 Purchases August 6 12.800 $6.10 78.080 $6.10 $6.10 August 18 9.600 $6.20 59.520 59 520 $6 20 369,024 $620 August 28 6.400 $640 40.960 40.960 $6.40) 262,144 6400 $6.40 40.960 Total 32,000 $ 197 440 100,480 $ 631 168 9,600 $ 59.840 FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 incor cost method. Note: Round "Average Cost per Unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Sold Average Cost Average Cost Number of units Unit Cost Cost of Goods Available for Sale Number of units Average Cost Cost of Goods sold per Unit Sold Beginning Inventory 3.200 5.5.90 $ 18.650 Purchases August B 12.000 $ 6.10 28.000 August 10 9.600 $6.20 59.520 August 28 6.400 56.40 40.960 Total 32,000 $ 197 440 S