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

Aug.1	Inventory on hand2,000 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 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.

1.

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	2,000	$5.30	$10,600		$5.30			$5.30	$0
Purchases:
August 8	8,000	$5.50	44,000		$5.50			$5.50	0
August 18	6,000	$5.60	33,600		$5.60			$5.60
August 28	4,000	$5.80	23,200		$5.80			$5.80
Total	20,000		$111,400	0		$0	0		$0

2.

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	2,000	$5.30	$10,600		$5.30	$0		$5.30
Purchases:
August 8	8,000	$5.50	44,000		$5.50			$5.50
August 18	6,000	$5.60	33,600		$5.60			$5.60	0
August 28	4,000	$5.80	23,200		$5.80			$5.80	0
Total	20,000		$111,400	0		$0	0		$0

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	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	2,000	$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			$0

• LIFO