Aug.1 Inventory on hand-2,000 units; cost $5.38 each. 8 Purchased 8,000 units for $5.50 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. 31 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. 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, 2021, balance sheet and the cost of goods sold it would report in its August 2021 Income statement method. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory-Periodic FIFO FIFO of units Cost per unit Cost of Goods 6 of units Cost per Available for Sale sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 2,000 $ 5.30 $ 10,600 $ 5.30 $ 5.30 $ 0 Purchases: August 8 8,000 $ 5.50 44,000 $ 5.50 S 5.50 August 18 6,000 $ 5.60 33,600 $ 5.60 S 5.60 August 28 4,000 $ 5.80 23,200 $ 5.80 $ 580 Total 20,000 $ 111,400 0 Aug.1 Inventory on hand-2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 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. 31 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. 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, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the LIFO method. (Round cost per unit to 2 decimal places.) LIFQ of units Cost of Goods Available for Sale Cost of Goods Cost per Available for unit Sale of units Cost per sold unit Cost of Goods Sold Periodie LIFO Cost of Goods Sold Ending Inventory-Periodic LIFO # of units in ending Cost per Ending unit Inventory Inventory Beginning Inventory 2,000 $5.30 $ 10,600 $ 5.30 $ 0 $ 5.30 Purchases: August 8 8,000 $5.50 44,000 $ 5.50 $ 5.50 August 18 6,000 $5.00 33,000 5.60 $ 5.60 August 28 4,000 $5.80 23,200 $ 580 $ 5.80 0 Total 20,000 $ 111,400 0 0 $ Aug.1 Inventory on hand-2, 000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 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. 31 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. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Determine the inventory balance Altire 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 the Average cost method. (Round cost per unit to 2 decimal places.) Average Cost of units Beginning Inventory Unit Cost 2,000 $5.30 $ Cost of Goods Available for Sale Cost of Goods Available for Sale Cost of Goods Sold Average Cust Ending Inventory Average Cost of units sold Average Cost per Unit # of units Cost of Goods Sold in ending Inventory Average Cost per unit Ending Inventory 10,000 Purchases August 8 8,000 $5.50 44,000 August 18 6,000 $5.60 33,600 August 28 4,000 $5,80 23,200 Total 20,000 $ 111,400 or