Babiracki Projectors began the month of August with seven movie projectors in inventory, each unit costing $365. During August, eleven additional projectors of the same model were purchased. (Click the icon to view the additional information.) 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. Detemine 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 Goads Sold - LIFO method More Info Purchased four units at $350 each Sold eight units at S420 each August 11 August 13 August 14 August 18 August 21 August 26 Purchased six units at $360 Sold three units at $420 each Sold two units at $420 each Purchased one unit at $395 Print Done Enter any number in the edit fields and then click Check