Exercise 7 Cougar Corporation provides the following information related to its merchandise inventory during the month of August 2021: August 1 Inventory on hand 2,000 units costing $5.30 each 8 Purchased 8,000 units for $5.50 each 14 Sold 6,000 units for $12.00 each 18 Purchased 6,000 units for $5.60 each 25 Sold 7,000 units for $11.00 each 28 Purchased 4,000 units for $5.80 each 31 Inventory on hand 7,000 units Required Using calculations based on a periodic inventory system, determine the inventory balance Cougar would report on its August 31, 2021, Balance Sheet and the Cost of Goods Sold that Cougar would report in its August 2021 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