Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 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, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods. Cost of Goods Available for Sale Cost of Goods Sold Periodic FIFO Ending Inventory-Periodic FIFO FIFO # of units Cost per unit Cost of Goods Available for Sale # of units Cost per sold unit i Cost of Goods Sold # of units in ending inventory Cost per Ending unit Inventory Beginning Inventory 2,000 $ 5.30 $ 10,600 $ 5.30 $ 5.30 $ Purchases: August 8 8,000 $ 5.50 44,000 $ 5.50 $ 5.50 August 18 6,000 $ 5.60 33,600 $ 5.60 $ 5.60 August 28 Total 4,000 $ 5.80 23,200 $ 5.80 $ 5.80 20,000 $ 111,400 0 $ 0 $ eBook Hint Print Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August statement using the LIFO method. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory-Periodic LIFO LIFO # of units Cost per unit Cost of Goods # of units Available for Sale sold Cost per unit # of units Cost of Goods Sold Cost per In ending unit Inventory Ending Inventory Beginning Inventory 2,000 $ 5.30 $ 10,600 0 $ 5.30 $ 0 $ 5.30 Purchases: August 8 8,000 $5.50 44,000 $ 5.50 $ 5.50 August 18 6,000 $5.60 33,600 $ 5.60 $ 5.60 0 August 28 4,000 $5.80 23.200 $ 5.80 $ 5.80 0 Total 20,000 $ 111,400 0 $ 0 0 $ < FIFO Average Cost > ok nt Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the Average cost method. (Round 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 # of units Unit Cost Cost of Goods Available for Sale: of units sold Average Cost per Cost of Goods Sold Unit of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory 2,000 $5.30 $ 10,600 Purchases: August 8 8,000 $ 5.50 44,000 August 18 6,000 $5.60 33,600 August 28 4,000 $5,80 23,200 Total 20,000 $ 111,400 $ $ 0