Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1Inventory on hand2,000 units; cost $5.30 each.8Purchased 8,000 units for $5.50 each.14Sold 6,000 units for $12.00 each.18Purchased 6,000 units for $5.60 each.25Sold 7,000 units for $11.00 each.28Purchased 4,000 units for $5.80 each.31Inventory on hand7,000 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.

Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. 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.)