b. Determine the cost of inventory that will appear on the balance sheet at the end of August.

The cost of inventory is calculated similarly to the cost of goods sold. Except that this time we will use the remaining goods from each purchase. Go ahead and complete the following table to determine the cost of inventory under the LIFO method.

Babcock Projectors began the month of August with seven movie projectors in inventory, each unit costing $345. During August, fourteen additional projectors of the same model were purchased (Click the icon to view the additional information) Assume Babcock uses a perpetual 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 Units from August 14 purchase Units from August 26 purchase Cost of Goods Sold-LIFO method August 11 August 13 August 14 August 18 August 21 August 26 Purchased four units at $360 each Sold eight units at $450 each Purchased nine units at $380 Sold seven units at $450 each Sold four units at $450 each Purchased one unit at $325 Units x Cost per Unit Total Cost Units from beginning inventory Units from August 11 purchase Units from August 14 purchase Units from August 26 purchase Cost of Inventory - LIFO method