(Click the ioon to view the additional information.) Assume Babiracki uses a periodic 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.) Total Cost Units x Cost per Unit 375$ 750 Units from beginning inventory 1,440 360 Units from August 11 purchase 350 1,400 Units from August 14 purchase 375 Units from August 26 purchase 3,590 Cost of Goods Sold -FIFO method b. Determine the cost of inventory that will appear on the balance sheet at the end of August. (Enter 0's for any layers where there were no units sold.) Units x Cost per Unit otal Cost More Info Units from beginning inventory Units from August 11 purchase Units from August 14 purchase August 11 Purchased four units at S360 each August 13 Sold three units at $440 each August 14 Purchased four units at $350 August 18 Sold five units at S440 each August 21 Sold two units at $440 eaclh August 26 Purchased one unit at $375 Units from August 26 purchase Cost of Inventory - FIFO method Print Done Enter any number in the edit fields and then click Check Answer All parts showi Check A Clear All ng