Exercise 8-13 Inventory cost flow methods; periodic system [LO8-1, 8-4] Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available Aug.1 Inventory on hand-3,000 units; cost $7.60 each 8 Purchased 23,000 units for $6.80 each. 14 sold 17,000 units for $13.30 each 18 Purchased 12, 500 units for $6.30 each. 25 Sold 16,000 units for $12.30 each 31 Inventory on hand-5, 500 units Required Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 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, 2018, balance sheet and the cost of goods sold it would report in its August 2018 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 # of units | Cost Cost of per unit # of units in ending inventory FIFO Available for Sale l#of units | Cost per Cost of Goods Sold | Cost per Ending unit unit Inventory $ 0.00 $ Beginning Inventory Purchases $ 0.00 August 8 August 18 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Total FIFO LIFO >