Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2016: Aug. 1 Inventory on hand-4,000 units; cost $8.10 each. 8 Purchased 20,000 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.00 each. 25 Sold 15,000 units for $13.00 each. 31 Inventory on hand-5,000 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.)
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