Altria 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 hand5,000 units; cost $6.70 each. 8 Purchased 16,000 units for $6.10 each. 14 Sold 12,000 units for $12.60 each. 18 Purchased 9,000 units for $5.60 each. 25 Sold 11,000 units for $11.60 each. 31 Inventory on hand7,000 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: (