provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,900 units; cost $7.20 each. 8 Purchased 19,500 units for $7.40 each. 14 Sold 15,600 units for $13.90 each. 18 Purchased 11,700 units for $7.50 each. 25 Sold 14,600 units for $12.90 each. 28 Purchased 5,900 units for $5.80 each. 31 Inventory on hand-10,800 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. 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 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 # of units Cost Cost of Goods Cost Cost of Goods # of units in ending Cost per unit Available for Sale # of units sold per unit Sold inventory per unit Beginning Inventory 3,900 $ 7.20 S 28,080 $ 7.20 $ 7.20 Purchases August 8 19,500 $ 7.40 144,300 $ 7.40 $ 7.40 August 18 11,700 $ 7.50 87,750 $ 7.50 $ 7.50 August 28 5,900 $ 5.80 34,220 $ 5.80 Total 41,000 294,350 $ $ 0 0 0 FIFO LIFO Average Cost termine 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 O method. (Round "Cost per Unit" to 2 decimal places.) LIFO Cost of Goods Available for Sale Cost # of units Cost of Goods per unit Available for Sale 3,900 $ 7.20 $ 28,080 Cost of Goods Sold - Periodic LIFO Cost Cost of Goods # of units sold per unit Sold Ending Inventory - Periodic LIFO # of units in ending Cost Ending per unit Inventory Inventory 3,900 $ 7.20 $ 28,080 inning Inventory shases: $ 7.20 $ 0 ugust 8 ugust 18 ugust 28 19,500 $ 7.40 11,700 $7.50 5,900 $ 5.80 41,000 + $ 7.40 11,700 $ 7.50 5,900 $ 5.80 17,600 144,300 87.750 34,220 294,350 $ 7.40 $ 7.50 0 87.750 34,220 87,750 $ $ 3,900 $ 28.080 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 202 ost method. (Round "Average Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Co Average Cost Unit Cost of Goods # of units # of units in Available for Average Cost Cost of Goods Cost # of units sold Average Sold ending Sale Cost per Inve Inventory ginning inventory 3,900 $ 7.20 $ 28,080 rchases August 8 19,500 $ 7.40 144,300 August 18 11,700 $ 7.50 87.750 August 28 5,900 $ 5.80 34.220 tal 41,000 $ 294,350 $ $ En per Unit 0
