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Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2016 is available: August 1 Beginning Inventory of 1993 units at $5.97 each 8 Purchased 10145 units at $5.31 each 14 Sold 7568 units for $11.8 each 18 Purchased 6166 units at $4.9 each 25 Sold 6644 units for $10.91 each

Required: Determine the cost of goods sold Altira would report on its August 31, 2016, income statement using the first-in, first-out (FIFO) cost flow method.

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