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

Aug.1	Inventory on hand3,000 units; cost $7.60 each.
8	Purchased 23,000 units for $6.80 each.
14	Sold 17,000 units for $13.30 each.
18	Purchased 12,500 units for $6.30 each.
25	Sold 16,000 units for $12.30 each.
31	Inventory on hand5,500 units

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