915 Altira Corporation inventory uses a periodic inventory system. The following information related to its merchandise during the month of August 2013 is available: 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. 31 Inventory on hand -3,000 units. Required Determine the inventory balance Altira would report in its August 31, 2013, balance sheet and the cost of goods sold it would report in its August 2013 income statement using each of the following cost flow methods: Solution Inventory Balance Cost of Goods Sold Cost Flow Method 1. First-in, first-out (FIFO) 2-Last-in, first-out (LIFO) $ 3. Average cost