Exercise 8-13 (Algo) Inventory cost flow methods; periodic system (L08-1,8-4) Altira Corporation provides the following Information related to its merchandise inventory during the month of August 2021: Aug. 1 Inventory on hand-2,500 units cost $5.0 each. Purchased 12,500 units for $6.00 each. 14 Sold 10,000 units for 512.50 each. 18 Purchased 7,500 units for $6.10 each 25 Bold 9.000 units for $11.50 each 20 Purchased 4,500 units for 55.00 each 31 Inventory on hand-8.000 unite. 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 UFO 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 FIFO Wof units sold Cost of Goods Sold # of units Cost Cost of Goods per unit Available for Sale 2,500 $ 550 $ 14 500 Cost per unit $ 5.80 Ending Inventory - Periodic FIFO of units in ending Cost Ending Inventory per unit laventory $ 5.80 $ 0 Beginning Inventory Purchases 2.000 Or 9 of 11 11: Next > Inventory on hand-3,000 units. Required: Using calculations based on a periodic Inventory system, determine the inventory balance Altra 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. LIFO FIFO 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 statemer method. (Round "Cost per Unit" to 2 decimal places.) FIFO Cost of Goods Available for Sale # of units Cost Cost of Goods per unit Available for Sale 2,500 $ 5.80 $ 14.500 Cost of Goods Sold - Periodic FIFO of units sold Cost Cost of Goode por unit Sold $ 580 Ending Inventory - Periodic FIFO w of units in ending Cost Ending Inventory per unit Inventory $ 500 5 0 0 Beginning inventory Purchase Augusta August 18 August 28 Total $ 800 $ 6.10 12.500 $ 6.00 7,500 $ 6.50 4,600 15.80 27.000 75,000 45,750 26.100 161,350 $ 6.00 $ 8.10 $ 580 $ 0 5 0 o $ 0 LIFO> 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 LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Parfodic LIFO Ending Inventory. Periodic LIFO LIFO Cost of units per Cost of Goods Cost of units sold of units in Cost of Goods Available for Sale unit Cest Ending per unit ending Sold Inventory per unit inventory Beginning inventory 2500 55.80 $ 14.5001 5.5.80 $ o 5 5.80 Purchases August 12.500 56.00 75.000 $ 8.00 36.00 August 18 7.500 56.10 45.750 56.10 56.10 August 28 4,500 $5.80 25,100 $ 5.80 Total 27.000 5 161.350 0 $ 0 0 $ 0 0 FIFO Average Cost > 24 Purchase 500 wita tor). an. 31 Inventory on hand-,000 nita. Required: Using calculations based on a periodic inventory system, determine the inventory balance Atira 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. Average 1 FIFO LIFO Average cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of poods sold it would report in its August 2021 Income statement cost method. (Round "Average cost per Unit" to 2 decimal places) Cost of Goods Av for Sale Coat of Good Sold Average Cont Ending Inventory Average Cost Average Cost U Cost of Goode of in Fot unite Available for Average Cost Cost of Goode Fofuris sold Cost Ending Cost per onding Sold per Unit Sale Inventory Inventory Beginning inventory 2.500 $ 5.80S 14.500 Purchase August 12.500 58.00 75.000 August 16 7.500 $ 5.10 25.750 August 28 ) $500 $5.50 27.000 Total S 161350 5 S ( UFO