AUCTION (XXXXXXXX) that describes the abnormal freight charges acaded in the cost of inventory E 8-13 Inventory cost flow methods, periodic system LO8-1 L08-4 Page 440 Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug 1 Inventory on hand-2,000 units; cost $5 30 each & Purchased 8,000 units for $5.50 each 14 Sold 6,000 units for $12.00 each 18 Parchased 6,000 units for $5.60 cach 25 Sold 7.000 units for $11.00 each 28 Purchased 4,000 units for $5.80 each 31 Inventory on hand7,000 units Required: Using calculations based on a periodic inventory system, determine the inventory balance Altice would report in its August 31, 2021, Delance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods 1. First in, first-out (FIFO) 2. Lest-in first-out (LIFO) 3. Average cost