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: August 1 Inventory on hand--700 @$14.00 August 10 Purchase --500 @$15.00 August 12 Purchase --800 @ $20.00 August 15 Purchase--400 @22.00 August 28 Sale--2,000 @ $40.00 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)