what is fifo?

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug. 1 Inventory on hand-2,800 units; cost $6.10 each. 8 Purchased 14,000 units for $6.30 each. 14 Sold 11,200 units for $12.80 each. 18 Purchased 8,400 units for $6.40 each. 25 Sold 10, 200 units for $11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory on hand-8,600 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. 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 August 2021 income statement using the FIFO 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 # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost Ending per unit Inventory 2.800 $ 6.10 $ 17.080 $ 6.10 $ 6.10 $ 0 88,200 0 Beginning Inventory Purchases August 8 August 18 August 28 Total $ 6.30 $ 6.40 14,000 $ 6.30 8,400 $ 6.40 4,800 $ 5.80 30,000 53,760 27,840 186,880 $ 6.30 $ 6.40 $ 5.80 $ 0 $ 0 $ 0