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

Aug.1	Inventory on hand2,200 units; cost $5.50 each.
8	Purchased 11,000 units for $5.70 each.
14	Sold 8,800 units for $12.20 each.
18	Purchased 6,600 units for $5.80 each.
25	Sold 7,800 units for $11.20 each.
28	Purchased 4,200 units for $5.80 each.
31	Inventory on hand7,400 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 he cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods.

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Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. LIFO FIFO FIFO 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.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Cost Cost Cost Cost of Goods # of units Cost of # of units in ending Ending # of units per per sold per Available for Sale unit Goods Sold unit inventory Inventory unit Beginning Inventory 2,200 $5.50 $ 12.100 2,200 $5.50 $ 12.100 0 $5.50 $ 0 Purchases: August 8 11,000 $5.70 62.700 11,000 $5.70 62.700 0 $5.70 0 August 18 6,600 $5.80 38,280 6.600 $5.80 38.280 3.200 $5.80 18.580 August 28 4,200 $5.80 24.380 4,200 X 4,200 $ 5.80 24.380 Total 24.000 $ 137.440 24,000 $ 113,080 7,400 $ 42,920 FIFO LIFO >