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 hand-7,500 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 t would report in its August 2018 income statement using each of the following cost flow methods: Complete this question by entering your answers in the tabs below. FIFO LIFO Average 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 statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.) Inventory Periodic LIFO Cost of Goods Sold-Periodic LIFO |"Of units Cost ofin ending cost per Inventory Inventory Cost of Goods Available for Sale Cost per | Cost of unit #of units Available for Sale LIFO Cost per Available for sold unit Goods Sold # of units unit s 0.00 $0.00$ Beginning Inventory Purchases: 0.00 0.00 August 8