Lucky Corporation provides the following information related to its inventory during the month of July 2024:

July 1-Beginning Inventory- 4,000 units at $8.50

7- Purchased 8,000 units at $ 8.80 each

12- Sold 6,000 units for $14.00 each

18-Purchased 7,000 units at $ 9.10 each

24- Sold 9,000 units at $ 15.50 each

28-Purchased 3,000 units at $9.30 each

31- Inventory on hand, 7,000 units.

Required:

Using calculations based on a periodic inventory system, determine the inventory balance Lucky would report in its July 31, 2024, balance sheet and the cost of goods sold it would report in its July 2024 income statement using each of the following cost flow methods:

First-in, first-out (FIFO)

Last-in, first-out (LIFO)

Average cost