Babel Projectors began the month of August with five movie projectors in inventory, each unit costing $345. During August, eleven additional projectors of the same model were purchased. Assume Babiracki 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 Units from August 14 purchase Units from August 26 purchase Cost of Goods Sold - LIFO method * X - More Info August 11 August 13 August 14 August 18 August 21 August 26 Purchased four units at $360 each Sold seven units at $480 each Purchased six units at $350 Sold six units at $480 each Sold two units at $480 each Purchased one unit at $325 Print Done