Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 is available:

August 1	Beginning Inventory of 2108 units at $6.13 each
8	Purchased 10319 units at $5.41 each
14	Sold 7891 units for $11.93 each
18	Purchased 5933 units at $4.92 each
25	Sold 6850 units for $11.4 each

Required: Determine the cost of goods sold Altira would report on its August 31, 2016, income statement using the first-in, first-out (FIFO) cost flow method.

Show math and calculations