Exercise 8-13 (Static) 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 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 $5.80 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 statement using each of the following cost flow methods. FIFO LIFO Average Cost 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 method. (Round cost per unit to 2 decimal places. Cost per Cost of Goods Available for Sale Cost of Goods # of units unit 2,000 5 530 $ 10,600 Cost of Goods Sold - Periodic FIFO Wof units Cost per Cost of Goods sold Sold 2.000 $ 530 $ 10,600 Ending Inventory - Periodic FIFO of units in Cost per Ending ending inventory unit I nventory available for $ 530 5 4,000 22,000 K Beginning Inventory Purchases August 8 August 18 August 28 Total 8,000 6,000 4,000 20.000 5 5 $ 5.50 560 5.80 0 44,000 33,600 23,200 111,400 S $ $ 5.50 560 580 S 3.000 $ 40001 $ 7.000 5. 50 560 580 0 1 6 800 2 3 200 40.000 $ 6,000 32.600 LO > FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report statement using the LIFO method. (Round cost per unit to 2 decimal places.) LIFO Cost of Goods Available for Sale Cost of Goods # of units Cost per Available for unit Sale Cost of Goods Sold Periodic LIFO Ending Inventory - Periodic LIFO of units Cost per Cost of # of units Cost per Ending in ending sold unit unit Inventory $ 0.00 $ of 1 $ 0.00 Goods Sold Inventory Beginning Inventory Purchases August 8 August 18 August 28 Total 0.00 0.00 000 I $ F $ s 0S00 T IS $ 0 0.00 0.00 0.00 FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would reporti statement using the average cost method. (Round cost per unit to 2 decimal places.) Cost of Goods Average Cost Cost of Goods Available for Sale of units Unit ca Sale 2.0007 530 5 10.600 Cost of Goods Sold - Average Cost Average Cost of sold cost per Gece Unit Goods Sold of units Ending Inventory - Average Cost # of units Average in ending Cost per unit Inventory Cost per Ending Cost Available for Goods Sold inventory Beginning Inventory Purchases August 8 August 18 August 28 Total 8,000 6,000 4,000 20.000 $ 5.50 S 560 $ 580 44 000 33 600 23 200 111 400 13,000 5 551 71,630 3 ,000 S 551 16,530