Altira Corporation provides the following information related to its inventory during the month of August 2024:

August 1	Inventory on hand2,200 units; cost $5.40 each.
August 8	Purchased 8,800 units for $5.60 each.
August 14	Sold 6,600 units for $12.10 each.
August 18	Purchased 6,600 units for $5.70 each.
August 25	Sold 7,700 units for $11.10 each.
August 28	Purchased 4,400 units for $5.90 each.
August 31	Inventory on hand7,700 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.

a.) 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 FIFO method.

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic 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	Cost per unit	Ending Inventory
Beginning Inventory	2,200	$5.40	$11,880		$5.40			$5.40	$0
Purchases:
August 8	8,800	$5.60	49,280		$5.60			$5.60	0
August 18	6,600	$5.70	37,620		$5.70			$5.70
August 28	4,400	$5.90	25,960		$5.90			$5.90
Total	22,000		$124,740	0		$0	0		$0

b.) 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.

LIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic LIFO			Ending Inventory - Periodic LIFO
	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	Cost per unit	Ending Inventory
Beginning Inventory	2,200	$5.40	$11,880		$5.40	$0		$5.40
Purchases:
August 8	8,800	$5.60	49,280		$5.60			$5.60
August 18	6,600	$5.70	37,620		$5.70			$5.70	0
August 28	4,400	$5.90	25,960		$5.90			$5.90	0
Total	22,000		$124,740	0		$0	0		$0

c.) 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.

Average Cost	Cost of Goods Available for Sale			Cost of Goods Sold - Average Cost			Ending Inventory - Average Cost
	Number of units	Unit Cost	Cost of Goods Available for Sale	Number of units sold	Average Cost per Unit	Cost of Goods Sold	Number of units in ending inventory	Average Cost per unit	Ending Inventory
Beginning Inventory	2,200	$5.40	$11,880
Purchases:
August 8	8,800	$5.60	49,280
August 18	6,600	$5.70	37,620
August 28	4,400	$5.90	25,960
Total	22,000		$124,740			$0			$0