Altira Corporation prevides the following information related to its inventory during the month of August 2024 August 1 Inventory on hand-5,60@ units; cost $7.10 each. August & Purchased 22,4@8 units for $7.3@ each. August 14 Sold 16,882 units for $13.88 each. August 18 Purchased 16,800 units for $7.4@ each. August 25 Sold 19,682 units for $12.88 each. August 28 Purchased 11,200 units for $7.6@ each. August 31 Inventory on hand-1%,68@ 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. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods seld it would report in its August 2024 income statement using the FIFO methed. Cost of Goods Number of units | Cost | Costof Goods Number of units in Available for Sale sold Sold ending inventory Beginning Inventory $ 39,780 5600{ 7.10 Purchases: August 8 22400| $ 7.30 163,520 $ 7.30 $ 730 0 August 18 16,800 7.40 124,320 5 740 740 August 28 11,2000 760 85,120 3 760 3760 Total 56,000 $ 412720 5,600 $ 39,760 $ 0 LIFO > Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-5,600 units; cost $7.10 each. August 8 Purchased 22, 400 units for $7.30 each. August 14 Sold 16,800 units for $13.80 each. August 18 Purchased 16,800 units for $7.40 each. August 25 Sold 19,600 units for $12.80 each. August 28 Purchased 11, 200 units for $7.60 each. August 31 Inventory on hand-19,600 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. Complete this question by entering your answers in the tabs below. 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 income statement using the LIFO method. Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Number of Cost Cost of Goods Number of units Cost Cost of Goods Number of units per Cost Ending units unit Available for Sale sold per unit Sold in ending inventory per unit Inventory Beginning Inventory 5,600 $ 7.10 $ 39,760 $ 7.10 $ $ 7.10 Purchases: August 8 22,400 $ 7.30 163,520 $ 7.30 $ 7.30 August 18 16,800 $ 7.40 124,320 $ 7.40 $ 7.40 August 28 11,200 $ 7.60 85, 120 $ 7.60 $ 7.60 Total 56.000 $ 412,720 0 $ 0 $ Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-5,600 units; cost $7.10 each. August 8 Purchased 22, 400 units for $7.30 each. August 14 Sold 16, 800 units for $13.80 each. August 18 Purchased 16, 800 units for $7.40 each. August 25 Sold 19,600 units for $12.80 each. August 28 Purchased 11, 200 units for $7.60 each. August 31 Inventory on hand-19, 600 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. Complete this question by entering your answers in the tabs below. 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 income statement using the Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Number of Unit Cost of Goods Number of units Average Cost Cost of Goods Number of Average Cost per Ending units Cost Available for Sale sold per Unit Sold units in ending inventory unit Inventory Beginning Inventory 5,600 $ 7.10 39,760 Purchases: August 8 22,400 $ 7.30 163,520 August 18 16,800 $ 7.40 124,320 August 28 11,200 $ 7.60 85,120 Total 56,000 $ 412,720 $ 0 $ 0