Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-1, 8-4] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,200 units; cost $5.50 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8,800 units for $12.20 each. 18 Purchased 6,600 units for $5.80 each. 25 Sold 7,800 units for $11.20 each. 28 Purchased 4,200 units for $5.80 each. 31 Inventory on hand-7,400 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 FIFO 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 Beginning Inventory Cost per unit 2,200 S 5.50 Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 12,100 $ 5.50 $ 5.50 $ 0 Purchases: August 8 11,000 $ 5.70 62,700 $ 5.70 August 18 6,600 $ 5.80 38,280 $ 5.80 August 28 4,200 S 5.80 24,360 Total 24,000 $ 137,440 0 $ $ 5.70 0 $ 5.80 $ 5.80 0 0 $ 0 FIFO LIFO > Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-1, 8-4] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,200 units; cost $5.50 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8,800 units for $12.20 each. 18 Purchased 6,600 units for $5.80 each. 25 Sold 7,800 units for $11.20 each. 28 Purchased 4,200 units for $5.80 each. 31 Inventory on hand-7,400 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.) Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit # of units in Cost Cost of Goods Sold ending inventory per unit Ending Inventory Beginning Inventory 2,200 $5.50 $ 12,100 $ 5.50 $ 0 $ 5.50 Purchases: August 8 11,000 $5.70 62,700 $ 5.70 August 18 6,600 $5.80 38,280 $5.80 $ 5.70 $ 5.80 0 August 28 4,200 $5.80 24,360 $ 5.80 Total 24,000 $ 137,440 0 $ 0 $ 0 Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-1, 8-4] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,200 units; cost $5.50 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8,800 units for $12.20 each. 18 Purchased 6,600 units for $5.80 each. 25 Sold 7,800 units for $11.20 each. 28 Purchased 4,200 units for $5.80 each. 31 Inventory on hand-7,400 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 Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Average Cost Cost of Goods # of units Unit Cost Available for # of units sold Sale Cost of Goods Sold - Average Cost Average Cost Cost of Goods per Unit Ending Inventory - Average Cost # of units in Sold ending inventory Average Cost per unit Ending Inventory Beginning Inventory 2,200 $ 5.50 $ 12,100 Purchases: August 8 11,000 $ 5.70 62,700 August 18 6,600 $ 5.80 38,280 August 28 4,200 $ 5.80 24,360 Total 24,000 $ 137,440 $ 0 $ 0