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-3,500 units; cost $7.60 each. 8 Purchased 15,000 units for $6.00 each. 14 Sold 10,500 units for $12.50 each. 18 Purchased 8,500 units for $5.50 each. 25 Sold 9,500 units for $11.50 each. 31 Inventory on hand-7,000 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: es 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 2018 income statement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO Cost per # of units unit Cost per Cost of Goods # of units Available for sold Sale Cost of Goods Sold Ending Inventory. Periodic FIFO # of units Cost per Ending in ending unit Inventory inventory unit Beginning inventory Purchases August 8 A 4.0 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 2018 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO Cost per Cost of Goods Available for Sale # of units # of units sold Cost per unit Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory unit Cost of Goods Sold Beginning Inventory Purchases August 8 August 18 Total 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 2018 income statement using the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Average Cost Cost of Goods Available for Sale Cost of Goods Unit # of units Available for Cost Sale Cost of Goods Sold - Average Cost Average # of units Cost of Cost per sold Goods Sold Unit Ending Inventory - Average Cost # of units Average in ending Ending Cost per Inventory inventory unit Beginning inventory Purchases August 8 August 18 Total