Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available: Aug.1 Inventory on hand7,500 units; cost $7-10 each. 8 Purchased 21,000 units for $6.60 each. 14 Sold 15,500 units for $13.10 each 18 Purchased 11,500 units for $6.10 each. 25 Sold 14,500 units for $12.10 each 31 Inventory on hand-10,000 units. Required: Determine the inventory balance 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: Answer is not complete Complete this question by entering your answers in the tabs below FIFO LIFOAverage Cost Determine the inventory balance 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 the FIFO method. (Round "Cost per Unit" to 2 decimal places.)