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-2,000 units cost 6.10 each 8 purchases 10,000 units for 5.50 each 14 sold 8,000 units for 12.00 each 18 purchased 6,000 units for 5.00 each 25 sold 7,000 units for 11.00 each 31 inventory on hand 3,000 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.

1. First in first out (FIFO)

2. Last in first out (LIFO)

3. Average cost