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