Inine the inventory balance Altira would report in its August 31, 20 Of goods sold it would report in its August 2021 income statement using each of the following cost fi 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 statement using the Average cost method. (Round cost per unit to 2 decimal places.) Average Cost Cost of Goods Available for Sale Unit Cost of Goods # of units Available for Cost Sale 2,000 $ 5.30 $ 10,600 Cost of Goods Sold - Average Cost # of units Average Cost of sold Cost per Goods Sold Unit Ending Inventory - Average Cost # of units Average Ending in ending Cost per Inventory inventory unit Beginning Inventory Purchases August 8 August 19 August 28 Total 8,000 $ 5.50 6,000 $ 5.60 4,000 $ 5.80 20.000 44,000 33,600 23,200 0 $ $ 0 $ 111,400 Knowledge Check (due day 5] ... Biddeford Saving.... B Bangor Savings Bank Saved Exercise 8-13 (Static) 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 Al 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 balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the methods. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost in its August 31, 2021, balance sheet and the cost of goods sold 5 Printers ADP Saved quired: ng calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, ance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow Chods. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost etermine 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 ethod. (Round cost per unit to 2 decimal places.) Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost per Cost of Goods # of units unit Available for Sale 2,000 $ 5.30 $ 10.600 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 0 $ 5.30 0 $ 5.30 $ 0 $ ginning Inventory chases August 8 August 18 August 28 al 5.50 5.60 5.80 44,000 33,600 23,200 8,000 6,000 $ 4,000 $ 20.000 5.50 5.60 $ 0 $ 0 $ 0 $ 5.50 5.60 5.80 0 $ 5.80 $ 0 $ 0 0 $ 111,400 LIFO > > 2 of 10 Prey Score answer HE Inine the inventory balance Altira would report in its August 31, 20 Of goods sold it would report in its August 2021 income statement using each of the following cost fi 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 statement using the Average cost method. (Round cost per unit to 2 decimal places.) Average Cost Cost of Goods Available for Sale Unit Cost of Goods # of units Available for Cost Sale 2,000 $ 5.30 $ 10,600 Cost of Goods Sold - Average Cost # of units Average Cost of sold Cost per Goods Sold Unit Ending Inventory - Average Cost # of units Average Ending in ending Cost per Inventory inventory unit Beginning Inventory Purchases August 8 August 19 August 28 Total 8,000 $ 5.50 6,000 $ 5.60 4,000 $ 5.80 20.000 44,000 33,600 23,200 0 $ $ 0 $ 111,400 Knowledge Check (due day 5] ... Biddeford Saving.... B Bangor Savings Bank Saved Exercise 8-13 (Static) 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 Al 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 balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the methods. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost in its August 31, 2021, balance sheet and the cost of goods sold 5 Printers ADP Saved quired: ng calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, ance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow Chods. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost etermine 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 ethod. (Round cost per unit to 2 decimal places.) Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost per Cost of Goods # of units unit Available for Sale 2,000 $ 5.30 $ 10.600 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 0 $ 5.30 0 $ 5.30 $ 0 $ ginning Inventory chases August 8 August 18 August 28 al 5.50 5.60 5.80 44,000 33,600 23,200 8,000 6,000 $ 4,000 $ 20.000 5.50 5.60 $ 0 $ 0 $ 0 $ 5.50 5.60 5.80 0 $ 5.80 $ 0 $ 0 0 $ 111,400 LIFO > > 2 of 10 Prey Score answer HE