Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate complu 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. 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 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 Answer is not complete Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost amework Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indic 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 repor 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 #of units sold Cost Cost of Goods Available for Sale $ 10,600 Cost of Goods Sold Cost per unit # of units in ending inventory Ending Inventory per unit 2,000 $5,30 0$ 5.30 $ 0 2,000 S 5.30 $ 10,000 Beginning Inventory Purchases: August 8 August 18 August 28 Total $5.50 $5.60 $5.80 0 8,000 6,000 4,000 20,000 0 44,000 33,600 23,200 111,400 0 6.000 4,000 10,000 $ 5.50 $ 5.60 $ 5.80 33,600 23,200 $ 56,800 0 X $ 5.50 0 $ 5.60 0 $ 5.80 2,000 0 $ 10,600 Prey 5 of 8 !! Next > Homework Saved Help 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 Aug statement using the Average cost method. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory. Average Cont Average Cost Unit Cost of Goods Average # of units # of units of units Average Available for Cost of Cost per Cost sold Ending Goods Sold in ending Cost per Sale Unit Inventory unit Inventory Beginning Inventory 2,000 $ 5.30 $ 10,000 Purchases: August 8 8,000 $ 5.50 44,000 August 18 6,000 $ 5,60 33,600 August 28 4,000 $ 5.80 23,200 Total 20,000 $ 111,400 $ 0 5 0