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Required information M7-7 to M7-9 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO, LIFO, and Weighted Average Cost (LO 7-3] [The following information applies to the questions displayed below.) The following are the transactions for the month of July. Unit Selling Price 48 July 1 July 13 July 25 July 31 13 Units Unit Cost $10 240 (100) Beginning Inventory Purchase Sold Ending Inventory $15 31 M7-8 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic LIFO [LO 7-3] Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) LIFO (Periodic) Cost Units per Unit Total 48 $ 10.00 $ 480 240 $ 13.00 Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from July 13 Purchase 3,120 3,600 100 $ 10.00 Total Cost of Goods Sold Ending Inventory 1,000 $ 2,600 LIFO (Periodic) Sales $ 1,500 Cost of Goods Sold 1,000 Gross Profit $ 500 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted