Problem 3 Inventory Measurement (21 pts) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand 4,000 units; cost $8.10 each. 8 Purchased 20,000 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.00 each. 25 Sold 15,000 units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand 11,000 units. Part 1: Assuming that the perpetual inventory system is used, compute the cost of goods sold under 1) LIFO and 2) FIFO cost flow assumptions (10 points). Part 2: Assuming that the periodic inventory method is used, what is the ending invento 1) FIFO, 2) LIFO and 3) average cost assumptions? (11 pts) Problem 3 Inventory Measurement (21 pts) Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand 4,000 units; cost $8.10 each. 8 Purchased 20,000 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.00 each. 25 Sold 15,000 units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand 11,000 units. Part 1: Assuming that the perpetual inventory system is used, compute the cost of goods sold under 1) LIFO and 2) FIFO cost flow assumptions (10 points). Part 2: Assuming that the periodic inventory method is used, what is the ending invento 1) FIFO, 2) LIFO and 3) average cost assumptions? (11 pts)