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August $1$ Inventory on hand$-3,400$ units; cost $$6\mathrm{.}00$ each.

August $8$ Purchased $13,600$ units for $$6\mathrm{.}20$ each.

August $14$ Sold $10,200$ units for $$12\mathrm{.}70$ each.

August $18$ Purchased $10,200$ units for $$6\mathrm{.}30$ each.

August $25$ Sold $11,900$ units for $$11\mathrm{.}70$ each.

August $28$ Purchased $6,800$ units for $$6\mathrm{.}50$ each.

August $31$ Inventory on hand$-11,900$ units.

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Required:

Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August $31,2024,$ balance sheet and the cost of goods sold it would report in its August $2024$ income statement using each of the following cost flow methods.

Complete this question by entering your answers in the tabs below.

Average Cost

Determine the inventory balance Altira would report in its August $31,2024,$ balance sheet and the cost of goods sold it would report in its August $2024$ income statement method.