Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2011: Aug.1 Inventory on hand2,000 units; cost $6.10 each. 8 Purchased 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 $11.00 each. 31 Inventory on hand3,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods (Omit the "$" sign in your response): Cost Flow Method Inventory Balance Cost of Goods Sold 1. First-in, first-out (FIFO) $ $ 2. Last-in, first-out (LIFO) $ $ 3. Average cost $ $