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

August $1$ Inventory on hand$-5,000$ units; cost $$6\mathrm{.}80$ each.

August $8$ Purchased $20,000$ units for $$7\mathrm{.}00$ each.

August $14$ Sold $15,000$ units for $$13\mathrm{.}50$ each.

August $18$ Purchased $15,000$ units for $$7\mathrm{.}10$ each.

August $25$ Sold $17,500$ units for $$12\mathrm{.}50$ each.

August $28$ Purchased $10,000$ units for $$7\mathrm{.}30$ each.

August $31$ Inventory on hand$-17,500$ 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.

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Average Cost

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

August $1$ Inventory on hand$5,000$ units; cost $$6\mathrm{.}80$ each.

August $8$ Purchased $20,000$ units for $$7\mathrm{.}00$ each.

August $14$ Sold $15,000$ units for $$13\mathrm{.}50$ each.

August $18$ Purchased $15,000$ units for $$7\mathrm{.}10$ each.

August $25$ Sold $17,500$ units for $$12\mathrm{.}50$ each.

August $28$ Purchased $10,000$ units for $$7\mathrm{.}30$ each.

August $31$ Inventory on hand$17,500$ 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.