Altira Corporation uses a periodic inentory system. The following information related to itsmerchandise inventory during the month of August 2018 is available:

Aug1Inventory on hand--2,000 units; cost $6.10 each

8Purchased 10,000 units for $5.50 each

14Sold 8,000 units for $12.00 each

18Purchased 6,000 units for $5.00 each

25Sold 7,000 units for $11.00 each

31Inventory on hand--3,000 units

Required:

Determinethe inventory balance for Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using each of the following cost flow methods:

1. First-in, first-out (FIFO)

2. Last-in, first-out (LIFO)

3. Average cost