Problem -06: Perpetual Inventory Alex Corporation uses a perpetual inventory system. The following information related to its merchandise inventory during the month of August year 1 is available: Required: Determine the inventory balance Alex would report in its August 31, year 1, balance sheet and the cost of goods sold it would report in its August year 1 income statement using each of the following cost flow methods: 1. Average cost method 2. First-in, first-out (FIFO) 3. Last-in, first-out (LIFO)