Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-1, 8-4] Altra Corporation provides the following information related to its merchandise inventory during the month of August 2021 Aug-1 Inventory on hand-1,100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 sach 14 Sold 12,400 units for $13.30 18 Purchased 9,300 units for $6.70 each. 25 Sold 11,400 units for $12.10 each. 28 Purchased 5,300 units for $5.00 each. 33 Inventory on hand-,200 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 Cast 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.) FIEO Cost of Goods Available for Sale Cast Cost of Goods Sold Periodic EEO Ending Inventury Periodic FFO of units Cost of Goods Available for Sale # of units sold Cost per unit Cast of Goods Sold # of units in ending inventory Cost per mit Ending ventory Beginning Inventory Purchases 3.100 S40 S 19,840 $6.40 56.405 August B 15,500 $660 102,300 August 18 9.300 $670 62.310 5.6.60 56.70 August 201 5,100 $520 29,580 Total 33.000 $ 214.030 0 $6.60 $670 $580 $ Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO LIFO Cost # of units per unit Beginning Inventory 3,100 $6.40 S Cost of Goods Available for Sale 19.840 # of units sold 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 LIFO method. (Round "Cost per Unit" to 2 decimal places.) Ending Inventory Periodic LIFO inventory Cost Ending per unit Inventory Cost per unit Cost of Goods Sold of units in ending $640 $ $6.40 Purchases August 8 15,500 $6.60 102,300 $6.60 August 18 9,300 $670, 62,310 $6.70 August 28 5,100 $5.80 29.580 $5.80 Total 33.000 $ 214,030 S $6.60 $6.70 0 $ 0 Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Detamine 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 Average cost method. (Round "Average Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold Average Cost Ending Inventory-Average Cost Average Cost of units Unit Cost Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold of units in nding inventory Average Cost per unit Ending Inventory Beginning Inventory 3,100 $640 $ 19 840 Purchases August 8 15.500 $6.60 102.300 August 18 9.300 $670 62.310 August 28 Total 5,100 $5.00 29,500 33.000 214,030 S $