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.

FIFO # of Units cost per Unit COG Aval for sale # of Units sold cost P

beg inventor 2000 5.30 10,600 ?

Purchases

August 8 8000 5.50 44,000 ?

August 18 6000 5.60 33,600 ?

August 28 4000 5.80 23,200 ?

Total 20000 111,4000

rev: 01_16_2020_QC_CS-195439, 02_26_2020