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. Complete this question by entering your answers in the tabs below. Total FIFO 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 FIFO method. (Round cost per unit to 2 decimal places.) FIFO Beginning Inventory Purchases: August 8 August 18 August 28 LIFO Average Cost Cost of Goods Available for Sale Cost per unit 2,000 $ 5.30 S # of units Cost of Goods Available for Sale 8,000 $ 5.50 6,000 $ 5.60 4,000 $ 5.80 20,000 $ 10,600 44,000 33,600 23,200 111,400 Cost of Goods Sold - Periodic FIFO # of units sold Cost per unit Cost of Goods Sold 0 $ $ $ $ 5.30 5.50 5.60 5.80 $ 0 Ending Inventory - Periodic FIFO # of units in ending inventory 0 Cost per unit $ 5.30 S $ $ $ Ending Inventory 5.50 5.60 5.80 $ 0 0 0 Complete this question by entering your answers in the tabs below. FIFO 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 LIFO method. (Round cost per unit to 2 decimal places.) LIFO Beginning Inventory Purchases: Total August 8 August 18 August 28 LIFO Average Cost Cost of Goods Available for Sale Cost of Goods Available for Sale 10,600 Cost per unit 2,000 $5.30 # of units 8,000 $5.50 6,000 $ 5.60 4,000 $5.80 20,000 S $ 44,000 33,600 23,200 111,400 Cost of Goods Sold - Periodic LIFO # of units sold Cost of Goods Sold 0 Cost per unit $ 5.30 $ 5.50 S $ 5.60 $ 5.80 $ 0 0 Ending Inventory - Periodic LIFO # of units in ending inventory 0 Cost per unit $ $ $ $ 5.30 5.50 5.60 5.80 Ending Inventory $ 0 0 0 FIFO 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.) Average Cost Beginning Inventory Purchases: Total August 8 August 18 August 28 LIFO Average Cost Cost of Goods Available for Sale Cost of Goods Available for Sale Unit Cost 2,000 $5.30 # of units 8,000 6,000 4,000 $5.80 20,000 $5.50 $5.60 $ $ 10,600 44,000 33,600 23,200 111,400 Cost of Goods Sold - Average Cost Average Cost per Unit # of units sold Cost of Goods Sold $ Inventory - Average Cost Average Cost per unit Ending # of units in ending inventory Ending Inventory S