Baber Projectors began the month of August with seven movie projectors in inventory, each unit costing $375. During August, nine additional projectors of the same model were purchased. (Click the icon to view the additional information.) Assume Baber uses a perpetual record-keeping system and the FIFO 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 - FIFO method August 11 August 13 August 14 August 18 August 21 August 26 Purchased four units at $350 each Sold eight units at $440 each Purchased four units at $380 Sold three units at $440 each Sold four units at $440 each Purchased one unit at $385 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.) Units x Cost per UnitTotal Cost Units from beginning inventory Units from August 11 purchase Units from August 14 purchase Units from August 26 purchase Cost of Inventory - FIFO method