3. XYZ Company uses a periodic inventory system. The following information related to its merchandise inventory during the month of August year 1 is available: Aug. 1 Inventory on hand -4,900 units; cost $8.00 each. Aug 8 Purchased 12.500 units for $6.00 each Aug. 14 Sold 9,400 units for $14.00 each. Aug. 18 Purchased 8,400 units for $7.00 each Aug. 25 Sold 10,900 units for $12.00 each Aug. 31 Inventory on hand-5,500 units. Required: Determine the inventory balance XYZ Company would report in its August 31 year 1, balance sheet and the cost of goods sold it would report in its August year 1 income statement using each of the following cost flow methods: First-in, first-out (FIFO) 16 points) Last-in, first-out (LIFO) (6 points) Average cost (4 points)