Spelling Company had the following transactions in connection with their inventory account during the month of August. Purchases Aug. 1 (Goods on Aug. 3 Aug. 7 Aug. 11 Aug. 16 Aug. 16 650 770 1,250 650 Sales $8.40 Aug. 4 8.20 Aug. 10 8.00 Aug. 12 8.50 Aug. 17 8.70 Aug. 20 8.60 Aug. 25 280 350 900 650 $12.60 12.60 13.00 13.00 13.50 13.50 @ 500 860 a @ @ 750 700 @ 4570 3740 Assuming that the company keeps periodic records in units only: compute the inventory at August 31, using LIFO. B Assuming that the company keeps periodic records in units only; compute the inventory at August 31, using average cost. Calculate the cost of goods sold and gross profit Spelling Company should record for the month of August assuming FIFO and periodic inventory procedures