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

August $1$ Inventory on hand$2,600$ units; cost $$5\mathrm{.}60$ each.

August $8$ Purchased $10,400$ units for $$5\mathrm{.}80$ each.

August $14$ Sold $7,800$ units for $$12\mathrm{.}30$ each.

August $18$ Purchased $7,800$ units for $$5\mathrm{.}90$ each.

August $25$ Sold $9,100$ units for $$11\mathrm{.}30$ each.

August $28$ Purchased $5,200$ units for $$6\mathrm{.}10$ each.

August $31$ Inventory on hand$9,100$ 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.

FIFO

LIFO

Average Cost