Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-1, 8-4] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand2,300 units; cost $5.60 each. 8 Purchased 11,500 units for $5.80 each. 14 Sold 9,200 units for $12.30 each. 18 Purchased 6,900 units for $5.90 each. 25 Sold 8,200 units for $11.30 each. 28 Purchased 4,300 units for $5.80 each. 31 Inventory on hand7,600 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.

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.)

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic 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 per unit	Ending Inventory
Beginning Inventory	2,300	$5.60	$12,880	2,300selected answer correct	$5.60	$12,880	not attempted	$5.60	$0
Purchases:
August 8	11,500	$5.80	66,700	11,500selected answer correct	$5.80	66,700	not attempted	$5.80	0
August 18	6,900	$5.90	40,710	not attempted	$5.90		not attempted	$5.90
August 28	4,300	$5.80	24,940	not attempted			not attempted	$5.80
Total	25,000		$145,230	13,800		$79,580	0		$0

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.)

LIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic LIFO			Ending Inventory - Periodic LIFO
	# 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 per unit	Ending Inventory
Beginning Inventory	2,300	$5.60	$12,880	not attempted	$5.60	$0	not attempted	$5.60
Purchases:
August 8	11,500	$5.80	66,700	not attempted	$5.80		not attempted	$5.80
August 18	6,900	$5.90	40,710	not attempted	$5.90		not attempted	$5.90	0
August 28	4,300	$5.80	24,940	not attempted	$5.80		not attempted
Total	25,000		$145,230	0		$0	0		$0

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 Average cost method. (Round "Average Cost per Unit" to 2 decimal places.)

Average Cost	Cost of Goods Available for Sale			Cost of Goods Sold - Average Cost			Ending Inventory - 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 ending inventory	Average Cost per unit	Ending Inventory
Beginning Inventory	2,300	$5.60	$12,880
Purchases:
August 8	11,500	$5.80	66,700
August 18	6,900	$5.90	40,710
August 28	4,300	$5.80	24,940
Total	25,000		$145,230	not attempted	not attempted	$0	not attempted	not attempted	$0