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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

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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 $5.88 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 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 Incomes 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 FIFO Cost of Cost # of units in # of units Cost Cost of Goods Cost of units Ending per per unit ending Available for sold per unit Goods Sold Inventory Sale Inventory unit Beginning Inventory 2.000 $ 5.30 $ 10,600 2,000 $5.30 $ 10,600 0 $ 530 $ 0 Purchases: August 8.000 $ 5.50 44.000 8,000 $ 5.50 44,000 o$ 5,50 0 August 18 6.000 $ 560 33.000 6.000 $ 5.60 33,600 3,000 $ 5.60 16,800 August 28 4,000 $5.00 23.200 4,000 $ 5.80 23,200 4000 $ 5.80 23.200 Total 20,000 $ 111,400 10.000 5 111,400 7,000 $ 40,000 17 Complete this question by entering your answers in the tabs below. 3 hits FIFO LIPO 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 A statement using the LIFO method. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Cost of Goods Sold - Periodic Sale LIFO Ending Inventory Periodic UFO LIFO #of Cost of Cost Goods # of Cost of Cost #of units Cost units per Available units Ending Goods in ending per unit Inventory Sold per unit for Sale Inventory Beginning Inventory 2.000 $5.30 $ 10,600 10,600 $5.30 $ 56,180 $ 5.30 Purchases August 8 8.000 44,000 $ 5.50 s 5.50 August 18 6,000 $5,60 33,600 $ 5.60 $ 5.60 0 August 28 4,000 $5.00 23,200 S 5.80 $ 5.80 0 Total 20.000 $ 111,400 10.600 $ 56,180 0 $ 0 unt sold $5.50

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