Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,000 units; cost $5.30 each. August 8 Purchased 8,000 units for $5.50 each. August 14 Sold 6,000 units for $12.00 each. August 18 Purchased 6,000 units for $5.60 each. August 25 Sold 7,000 units for $11.00 each. August 28 Purchased 4,000 units for $5.80 each. August 31 Inventory on hand-7,000 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 FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of Cost per Cost of Goods units sold unit Sold Number of units in ending inventory Ending Inventory - Periodic FIFO Ending Inventory Cost per unit 2,000 $ 5.30 $ 10,600 $ 5.30 $ 5.30 $ 0 Beginning Inventory Purchases: August 8 8,000 $ 5.50 44,000 $ 5.50 August 18 6,000 $ 5.60 33,600 $ 5.60 August 28 4,000 $ 5.80 23,200 $ 5.80 Total 20,000 $ 111,400 0 $ FIFO LIFO > $ 5.50 0 $ 5.60 $ 5.80 0 0 $ 0