L07-3 6 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO and Weighted Average Cost on the following information, calculate cost of goods available for sale and ending inven- then sales, cost of goods sold, and gross profit under (a) FIFO and (b) weighted average. Assume that a periodic inventory system is used. Units Unit Cost Unit Selling Price July 1 July 13 100 500 $10 13 Beginning Inventory Purchase Sold Ending Inventory $15 July 25 July 31