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

August $1$ Inventory on hand $-3,400$ units; cost $$6\mathrm{.}00$ each.

August $8$ Purchased $13,600$ units for $$6\mathrm{.}20$ each.

August $14$ Sold $10,200$ units for $$12\mathrm{.}70$ each.

August $18$ Purchased $10,200$ units for $$6\mathrm{.}30$ each.

August $25$ Sold $11,900$ units for $$11\mathrm{.}70$ each.

August $28$ Purchased $6,800$ units for $$6\mathrm{.}50$ each.

August $31$ Inventory on hand$-11,900$ 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

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 $20$: LIFO method.