Penny's Precious Metals Company purchases silver to sell by the ounce. During the month of August, its first month of operations, Penny's purchased the following silver: Penny's made only one sale during August. The sale occurred on August 30 and was for the 108 ounces of silver. At the end of August, the company had 32 ounces of silvering inventory. Assuming the company uses a perpetual system, compute the cost of the inventory at August 31 and the cost of goods sold for the month of August under each of the following cost flow assumptions: FIFO UFO Average cost method