Question & Answer: Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 is available Aug. 1 In…..

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 is available Aug. 1 Inventory on hand-10,500 units, cost $8.40 each. 8 Purchased 29,000 units for $7.40 each. 14 Sold 20,500 units for $13.90 each. 18 Purchased 15,500 units for $6.90 each. 25 Sold 19,500 units for $12.90 each 31 Inventory on hand-15,000 units. Required Determine the inventory balance Altira would report in its August 31, 2016, balance sheet and the cost of goods sold it would report in its August 2016 income statement using each of the following cost flow methods: (Round “Average Cost per Unit” to 2 decimal places.)