Exercise 8-13 Inventory cost flow methods; periodic system [LO8-1, 8-4] Altra Corporation uses a penodic inventory system The folowing information related to its merchandise inventory during the month of August 2016 is available Aug 1 nventory on hand 2,000 units, cost s6 10 each Purchased 10.000 units for $5 50 each 14 Sold 8,000 unds for $12.00 each 18 Purchased 6,000 units for $5.00 each 25 Scld 7 000 units for 311.00 each 31 Inventory on hand-3.000 urns Required: Delermine the inventory balance Atra would report in its August 31, 201, balance sheet and the cost of goods sold it woud report in its August 2016 income statement using each of the following cost ow mothods (Round "Average Cost per Unit to 2 decimal places) Cost of Goods Available for Sale Cost of Goods Sold Periodic FIFO Ending Inventory-Periodic FIFO Cost of Goods Cost per Available for sold W of units Cost per in ending EIEO Cost per unit Goods of units Cost of Cost per # of units unit Goods Sold S D 00 $ D00 unit Inventory Sale Beginning Inventory Purchases August 8 August 18 S 000 S 000 5 000 Tote t of Goods Available for t of Goods Cost of Goods |#0f units of Cost per Available for sold #Of units Cost ofin ending LIFO cost per unit # of units cost per #ot units unit Cost per Ending Goods Sold unit Sale Beginning Inventory 000 S $ 0.0 Purchases August 8 August 18 $ 000 $ 000 $ 0.00 S 000 Total t of Goods for Sale Cost of Goods # of units! Average Cost of Goods Available for Saie Average Cost per # of units Cost oflin ending Average Cost per Average Cost Ending Inventory # of units Cost per Goods Sold sold Beginning Inventory August 8 August 18 Total