Aug 1 Inventory on hand-2,000 units; cost $5.30 each. 8Purchased 8,000 units for $9.50 each. 14 Sold 6.000 units for $12.00 each 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each 22 Inventory on hand-7,000 units. Required: Using calculations based on a periodic Inventory system, determine the inventory balance Altira would report in its August 31, 2021 balance sheet and the cost of goods sold it would report in its August 2021 Income statement using each of the following cost flow methods Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 incor method. (Round cost per unit to 2 decimal places Cost of Goods Sold Periodic FIFO Ending Inventory. Periodic FIFO Cost of Goods Available for Sale Cost of Goods #of units Available for mit Sale 2000 5 5.305 10,600 Cost per of units sold Cost per Cost of Goods Sold of units in ending Inventory Cost per unit unit Ending Inventory s 530 $ 530$ 0 Beginning Inventory Purchase August August 19 August 28 Total $ 8,000 $ 6,000 $ 4000 3 20 000 550 560 5.80 44000 33600 23 200 111,400 $ $ S 5.50 5.60 5:20 $ 550 5.60 5.80 5 $ 0 S $ LIFO > La Places LIFO Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Available for # of units Cost per Cost of unit sold Sale unit Goods Sold 2.000 $ 530 5 10,600 $ 530 5 0 Ending Inventory - Periodic LIFO # of units Ending in ending unit Inventory inventory s 5.30 Cost per Beginning Inventory Purchases August 8 August 18 August 28 Total $ 5.50 8.000 $ 550 6,000 $ 560 4000 $ 5.80 20.000 44,000 33,600 23,200 111,400 $ $ $ 550 560 5 80 le 0 5 60 5.80 $ 0 $ D $ 0 0 $ 0 Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Unit Average # of units Cost of #of units Available for Cost per Cost sold Sale Goods Sold Unit 2,000 $ 530 $ 10.600 Ending Inventory - Average Cost # of units Average Ending in ending Cost per Inventory inventory unit Beginning Inventory Purchases August 8 August 18 August 28 Total 8,000 $ 550 6,000$ 5,60 4,000 $ 5.80 20,000 44,000 33,600 23 200 111 400 $ 5.60 $ 0 $ 5.60 $ 0