Accounting - Chapter 8 - Valuation of Inventories: A Cost Basis Approach (Feb 2019) Practice Problem The following Information related to its merchandise inventory during the month of August 2018 is available: Aug 1 - Inventory on hand - 4,000 units; cost $8.50 each. Aug 8 - Purchase 19,000 units for $9.00 each. Aug 15 - Sold 17,000 units for $17.00 each. Aug 17 - Purchase 21,000 units for $9.50 each. Aug 26 - Sold 20,000 units for $17.50 each. Aug 31 - Inventory on hand - ? units. Calculate the following as of Aug 31, 2018 using both the periodic and perpetual methods and using Ave Cost, FIFO and LIFO: Good Available for Sale Ending Inventory Cost of Goods Sold Sales Gross Profit . . . Periodic Inventory LIFO