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Box Office Projectors began the month of August with three movie projectors in inventory, each unit costing $350. During August, eight additional projectors of the same model were purchased A (Click the icon to view the additional information.) Assume Box Office uses a periodic record-keeping system and the LIFO cost flow method. 1. Calculate the cost of goods sold that will appear on the income statement for the month of August. 2. Determine the cost of inventory that will appear on the balance sheet at the end of August. a. Calculate the cost of goods sold that will appear on the income statement for the month of August. (Enter O's for any layers where there were no units sold.) Units X Cost per Unit = Total Cost Units from beginning inventory Units from August 11 purchase i More Info Units from August 14 purchase Units from August 26 purchase August 11 Cost of Goods Sold - LIFO method August 13 August 14 b. Determine the cost of inventory that will appear on the balance sheet at the end of August. (Enter O's for any layers where there were no units sold.) August 18 Units X Cost per Unit = Total Cost August 21 August 26 Units from beginning inventory Units from August 11 purchase Units from August 14 purchase Units from August 26 purchase 26 purchase x = Purchased four units at $400 each Sold five units at $425 each Purchased three units at $375 Sold two units at $425 each Sold three units at $425 each Purchased one unit at $380 Print Done Cost of Inventory - LIFO method