Determine the inventory balance Altira would report in its August 31, 2024, baiance sheet and the cost of goods sold it would report in its August 2024 i statement using the LIFO method. Determine the inventory balance Altra would report in its August 31,2024 , balance sheet and the cost of goods sold it would report in its August 2024 inco method. Altira Corporation provides the following information related to its inventory during the month of August 2024 : August 1 Inventory on hand 2,000 units; cost $5.30 each. August \& Purchased 8,000 units for $5.50 each. August 14 sold 6,000 units for $12.00 each. August 18 purchatted 6,000 units for $5,60 each. August 25 sold 7,0,00 unitis for $11,00 each. Auguat 28 purchaned 4,000 unitn for $5.80 each. August 31 tnventory 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, 2024, batance sheet and the cost of goods sold it would report in its August 2024 income statement using each of the following cost flow methods. Determine the inventory balance Altira would report in its August 31,2024 , balance sheet and the cost of goods sold it would report in its August 2024 in statement using the Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places. Determine the inventory balance Altira would report in its August 31, 2024, baiance sheet and the cost of goods sold it would report in its August 2024 i statement using the LIFO method. Determine the inventory balance Altra would report in its August 31,2024 , balance sheet and the cost of goods sold it would report in its August 2024 inco method. Altira Corporation provides the following information related to its inventory during the month of August 2024 : August 1 Inventory on hand 2,000 units; cost $5.30 each. August \& Purchased 8,000 units for $5.50 each. August 14 sold 6,000 units for $12.00 each. August 18 purchatted 6,000 units for $5,60 each. August 25 sold 7,0,00 unitis for $11,00 each. Auguat 28 purchaned 4,000 unitn for $5.80 each. August 31 tnventory 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, 2024, batance sheet and the cost of goods sold it would report in its August 2024 income statement using each of the following cost flow methods. Determine the inventory balance Altira would report in its August 31,2024 , balance sheet and the cost of goods sold it would report in its August 2024 in statement using the Average cost method. Note: Round "Average Cost per Unit" to 2 decimal places
