E 8-13 Inventory cost flow methods: periodic system LO8-1, LO8-4 Altira Corporation provides the following information related to its merchandise inventory during 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 $5.00 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 state- ment using each of the following cost flow methods: 1. First-in, first-out (FIFO) 2. Last-in, first-out (LIFO) 3. Average cost