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

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

Average Cost

method.