Chapter 7 - Homework - Part 1 Saved Check my work mode: This shows what is correct or Incorrect for the work you have completed so far. It does not indicate cor 2 [The following information applies to the questions displayed below.) The following are the transactions for the month of July. Part 2 of 3 Unit Selling Price Unit cost $ 10 11 July 1 July 13 July 25 July 31 Units 49 245 (122) 194 Beginning Inventory Purchase Sold Ending Inventory $ 14 0.37 points Required: a. Calculate cost of goods available for sale and ending Inventory under LIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic Inventory system is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory system is used. a Total Cost Units per Unit 49S 10E S 490 245 S 11 S 2,695 LIFO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Total Cost of Goods Sold Ending Inventory X 10 % 49 s 245 XS 11 S 3,185 194 X s