Exercise 8-13 (Static) 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-2,000 units cost $5,30 each Purchased 8.000 units for $5.50 ench. 14 Sold 6,000 units for $12.00 each 18 Purchased 6,000 units for $5.00 each 25 Sold 7.000 units for $11.00 each. 28 Purchased 4,000 units for $5.00 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 FIFO method. (Round cost per unit to 2 decimal places.) Cost of Goods Sold Periodic FIFO Cost of Goods Available for Sale Cost of Goods 1 of units Available for unit Sala 20005 5.30 5 10.600 Cost per W of units sold Cost per Cost of Goods Sold unit Ending Inventory Periodic FIFO #of units in Cost per Ending ending inventory unit Inventory s 5305 5 5.30 Beginning Inventory Purchases August 8 August 18 August 28 Total 550 5:50 44000 5.50 0 8000! 5 600015 4000 $ 20.000 5 60 5 80 44,000 33600 23.200 111.400 8,000 $ S 0 $ 8.000 5.60 5:00 S S 560 5 $ 5 5.30 S 14 000 0 5 LIFO Exercise 8-13 (Static) 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-2,000 units; cost 55.30 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 Allira 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 cost per unit to 2 decimal places) Average Cost Cost of Goods Available for Sale Cost of Goods of units Unit Available for Cost Sale 2,000 5 530 S 10 600 Cost of Goods Sold Average Cost Ending Inventory - Average Cost # of units Average #ol units Cost of Average sold Ending Cost per Unit Goods Sold in ending inventory Inventory unit Cost per Beginning Inventory Purchases August 8 August 18 August 28 Total 3 0005 5.50 6.000 $ 550 4000 $ 5.80 20,000 44,000 33,600 23,200 111,400 5 S D