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

Aug.1	Inventory on hand2,500 units; cost $5.80 each.
8	Purchased 12,500 units for $6.00 each.
14	Sold 10,000 units for $12.50 each.
18	Purchased 7,500 units for $6.10 each.
25	Sold 9,000 units for $11.50 each.
28	Purchased 4,500 units for $5.80 each.
31	Inventory on hand8,000 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.

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	2,500	$5.80	$14,500	2,500	$5.80	$14,500	0	$5.80	$0
Purchases:
August 8	12,500	$6.00	75,000	7,500	$6.00	45,000	5,000	$6.00	30,000
August 18	7,500	$6.10	45,750	0	$6.10		4,000	$6.10	24,400
August 28	4,500	$5.80	26,100	0			0	$5.80
Total	27,000		$161,350	10,000		$59,500	9,000		$54,400

• 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	2,500	$5.80	$14,500	0	$5.80	$0	2,500	$5.80	$14,500
  Purchases:
  August 8	12,500	$6.00	75,000	7,500	$6.00	45,000	5,000	$6.00	30,000
  August 18	7,500	$6.10	45,750	7,500	$6.10	45,750	4,000	$6.10	24,400
  August 28	4,500	$5.80	26,100	4,500	$5.80	26,100	0
  Total	27,000		$161,350	19,500		$90,750	11,500		$68,900

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	2,500	$5.80	$14,500
Purchases:
August 8	12,500	$6.00	75,000
August 18	7,500	$6.10	45,750
August 28	4,500	$5.80	26,100
Total	27,000		$161,350			$0			$0