IThis is a variation of E methods.] Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inven- tory during the month of August 2018: 8-13 modified to focus on the perpetual inventory system and alternative cost flow m Aug. 1 8 14 18 25 31 Inventory on hand-2,000 units; cost $6.10 each. Purchased 10,000 units for $5.50 each Sold 8,000 units for $12.00 each. Purchased 6,000 units for $5.00 each. Sold 7,000 units for $11.00 each. Inventory on hand-3,000 units. Required: Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 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