Exercise 8.2 The Alpenrose Milk Company reported the following transactions which affected its merchandise inventory during the month of March: March 1 March 8 March 14 March 18 March 25 Inventory on hand - 3,000 units; cost $8.00 each. Purchased 5,000 units for $8.40 each. Sold 4,000 units for $14.00 each. Purchased 8,000 units for $8.60 each. Sold 7,000 units for $14.00 each. Required: Determine the inventory balance Alpenrose would report on its March 31 balance sheet and the cost of goods sold it would report on its March income statement using each of the following cost flow methods: 1. First-in, first-out (FIFO) - periodic and perpetual 2. Last-in, first-out (LIFO) - periodic 3. Average cost - periodic (weighted) and perpetual (moving)