Thompson Corp. uses a perpetual inventory system, The following transactions affected its merchandise inventory during the month of August 2018: Aug. 1 Inventory on hand-2,000 units; cost $6.10 each 8 Purchased 10,000 units for $5.50 each. 14 Sold 8,000 units for $12.00 each. 18 Purchased 6,000 units for $5.00 each 25 Sold 7,000 units for $11.00 each. 31 Inventory on hand -3,000 units. Required: Determine the inventory balance Thompson 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) (4 points) 2. Last-in, first-out (LIFO) (4 points) 3. Average cost (2 points) 1. First-in, first-out (FIFO) Purchased Date Beginning inventory Sold Balance August 8 August 14 August 18 August 25 August 31