Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,200 units%3B 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 hand-7,700 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. 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 usi method. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - 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 Cost per unit Ending Inventory 2,200 $ 5.40 $ 11,880 $ 5.40 $ 5.40 $ 0 Beginning Inventory 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 < FIFO $ 5.60 $ 5.70 $ 5.90 0 $ LIFO > $ 5.60 0 $ 5.70 $ 5.90 0 0 $ 0 Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,200 units%;B 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 hand-7,700 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. 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 units Cost per unit Number of units Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold in ending Cost per unit Ending Inventory 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 Total 22,000 $ 124,740 0 $ 0 0 $ 0