Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:

Aug.1	Inventory on hand2,900 units; cost $6.20 each.
8	Purchased 14,500 units for $6.40 each.
14	Sold 11,600 units for $12.90 each.
18	Purchased 8,700 units for $6.50 each.
25	Sold 10,600 units for $11.90 each.
28	Purchased 4,900 units for $5.80 each.
31	Inventory on hand8,800 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

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	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	2,900	$6.20	$17,980	2,900	$6.20	$17,980		$6.20	$0
Purchases:
August 8	14,500	$6.40	92,800	14,500	$6.40	92,800		$6.40	0
August 18	8,700	$6.50	56,550	23,200	$6.50	150,800		$6.50
August 28	4,900	$5.80	28,420					$5.80
Total	31,000		$195,750	40,600		$261,580	0		$0

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 its August 2021 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.)

LIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic LIFO			Ending Inventory - Periodic LIFO
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	2,900	$6.20	$17,980		$6.20	$0		$6.20
Purchases:
August 8	14,500	$6.40	92,800		$6.40			$6.40
August 18	8,700	$6.50	56,550		$6.50			$6.50	0
August 28	4,900	$5.80	28,420		$5.80
Total	31,000		$195,750	0		$0	0		$0

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 its August 2021 income statement using the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.)

Average Cost	Cost of Goods Available for Sale			Cost of Goods Sold - Average Cost			Ending Inventory - Average Cost
	# of units	Unit Cost	Cost of Goods Available for Sale	# of units sold	Average Cost per Unit	Cost of Goods Sold	# of units in ending inventory	Average Cost per unit	Ending Inventory
Beginning Inventory	2,900	$6.20	$17,980
Purchases:
August 8	14,500	$6.40	92,800
August 18	8,700	$6.50	56,550
August 28	4,900	$5.80	28,420
Total	31,000		$195,750			$0			$0

PLEASE WITH EXPLANATION THANK YOU SO MUCH :)