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. FIFO LIFO Average Cost unit 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 method. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost per Cost of Goods # of units # of units Cost per Cost of Goods # of units in Available for Cost per Ending sold unit Sold ending inventory unit Inventory Sale Beginning Inventory 2,000 $ 5.30 $ 10,600 2,000 $ 5.30 S 10,600 S 5.30 $ 0 Purchases: August 8 8,000 $ 5.50 44,000 8,000 $ 5.50 44,000 $ 5.50 0 August 18 6,000 5.60 33,600 6,000 5.60 33,600 $ 5.60 August 28 4,000 5.80 23,200 4,000 $ 5.80 23,200 $ 5.80 Total 20,000 $ 111,400 16,000 S 111,400 0 GAA S 0 $ FIFO LIFO > FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in it 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 Cost of Goods Unit Average # of units # of units Average Cost of # of units Available for Cost per Cost Ending in ending sold Cost per Goods Sold Sale Unit Inventory inventory unit 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 S $