Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 is available: Aug. Inventory on hand-3,500 units; cost $6.70 1 each. 8 Purchased 17,000 units for $6.20 each. 14 Sold 11,500 units for $12.70 each. 18 Purchased 9,500 units for $5.70 each. 25 Sold 10,500 units for $11.70 each. 31 Inventory on hand-8,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods: (Round "Average Cost per [Init" to 7 decimal places. )