2. 1. What is ending inventory on the Balance Sheet for the month of August? What is Cost of Goods Sold on the Income Statement for the month of July? 3. Is this Company using FIFO or Lifo? Date Quantity Purchases Unit Cost Total Cost of Merchandise Sold Unit Inventory Cost Quantity Cost Total Cost Unit Total Quantity Cost Cost June 500 30.00 15,000 10 1,500 34.00 51,000 500 30.00 15,000 1,500 34.00 51,000 28 750 34.00 25,500 500 30.00 15,000 750 34.00 25,500 30 250 34.00 8,500 500 30.00 15,000 July 5 100 34.00 3,400 500 34.00 30.00 17,000 500 400 34.00 15,000 13,600. 10 3,600 35.00 126,000 500 30.00 15,000 400 34.00 13,600 3,600 35.00 126,000 16 1,800 35.00 63,000 500 400 34.00 13,600 30.00 15,000 1,800 35.00 63,000 28 1,700 35.00 59,500 500 30.00 15,000 400 34.00 13,600 100 35.00 3,500 Aug. T 3,000 35.80 107,400 500 30.00 15,000 400 34.00 13,600 100 35.00 3,500 3,000 35.80 107,400 13 14 3,000 2,000 35.80 71,600 500 30.00 15,000 400 34.00 13,600 100 35.00 3,500 1,000 35.80 35,800 25 500 36.00 18,000 500 30.00 15,000 400 34.00 13,600 100 35.00 3,500 1,000 35.80 35,800 30 30 500 36.00 1,000 35.80 100 35.00 18,000 500 500 30.00 36.00 18,000 15,000 35,800 250 34.00 8,500 3,500 150 34.00 5,100