Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-5,000 units%3B cost $6.80 each. August 8 Purchased 20,000 units for $7.00 each. August 14 Sold 15,000 units for $13.50 each. August 18 Purchased 15,000 units for $7.10 each. August 25 Sold 17,500 units for $12.50 each. August 28 Purchased 10,000 units for $7.30 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. 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 FIFO 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 5,000 $6.80 $ 34,000 $ 6.80 $ 6.80 $ 0 Beginning Inventory Purchases: August 8 20,000 $ 7.00 140,000 $ 7.00 August 18 15,000 $ 7.10 106,500 $ 7.10 August 28 10,000 $ 7.30 73,000 $ 7.30 Total 50,000 $ 353,500 0 $ < FIFO LIFO > $ 7.00 0 $ 7.10 $ 7.30 0 0 $ 0 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 LIFO Cost Number of units per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold inventory Ending Inventory - Periodic LIFO Number of units Cost Ending in ending per unit Inventory Beginning Inventory 5,000 $6.80 $ 34,000 $ 6.80 $ 0 $ 6.80 Purchases: August 8 20,000 $ 7.00 140,000 August 18 15,000 $7.10 106,500 August 28 10,000 $ 7.30 73,000 Total 50,000 $ 353,500 $ 7.00 $ 7.10 $ 7.30 0 S $ 7.00 $ 7.10 0 $ 7.30 0 0 0 $ 0 < FIFO Average Cost > 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 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 5,000 $6.80 $ 34,000 Purchases: August 8 20,000 $ 7.00 140,000 August 18 15,000 $ 7.10 106,500 August 28 10,000 $ 7.30 73,000 Total 50,000 $ 353,500 $ 0 $ 0 < LIFO Average Cost >