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. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 LIFO method. (Round cost per unit to 2 decimal places.) LIFO Cost of Goods Available for Sale Cost of Cost # of Goods per units Available unit for Sale 2,000 $5.30 $ 10,600 Cost of Goods Sold - Periodic LIFO # of Cost of Cost units Goods per unit Sold 0 $ 5.30 $ 0 Ending Inventory - Periodic LIFO # of units in Cost Ending ending per unit Inventory inventory 2,000 $ 5.30 $ 10,600 sold L 5,500 Beginning Inventory Purchases: August 8 August 18 August 28 Total 8,000 6,000 4,000 20,000 $5,50 $5.60 $5.80 38,500 33,600 44,000 33,600 23,200 111,400 7,000 $ 6,000 $ 0 $ 13,000 5.50 5.60 5.80 1,000 $ 0 $ 4,000 $ 3,000 5,50 5.60 5.80 23,200 16,100 $ $ 72,100 $ ( FIFO Average Cost>