XYZ corporation provides the following information related to its merchandise inventory during the month of August $2021$:Aug$1.$ Inventory on hand$-2,000$ units, cost $$5\mathrm{.}30$ each$\mathrm{.}8.$ Purchased $8,000$ units for $$5\mathrm{.}5$ each$\mathrm{.}14$ Sold $6,000$ units for $$12\mathrm{.}00$ each$\mathrm{.}18$ Purchased $6,000$ units for $$5\mathrm{.}60$ each$\mathrm{.}25$ Sold $7,000$ units for $$11\mathrm{.}00$ each$\mathrm{.}28$ Purchased $4,000$ units for $$5\mathrm{.}80$ each$\mathrm{.}31$ Inventory on hand$-7,000$ units.Determine the inventory balance XYZ would report in its August $31,2021,$ balance sheet and the cost of goods sold it would report in its August $31$ income statement using LIFO FIFO and average cost based on periodic inventory system.