LO7-3 M7-6 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO and Weighted Average Cost Given the following information, calculate cost of goods available for sale and ending inventory, 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 Beginning Inventory July 1 July 13 100 $10 Purchase 500 13 July 25 Sold (200) $15 July 31 Ending Inventory 400 M7-7 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO and Weighted Average Cost (Periodic Inventory) LO7-3 Aircard Corporation tracks the number of units purchased and sold throughout each accounting period, but applies its inventory costing method at the end of each period as if it uses a periodic inventory sys- tem. Given the following information, calculate the cost of goods available for sale, ending inventory, and cost of goods sold, if Aircard uses (a) FIFO or (b) weighted average cost. Units Unit Cost July 1 Beginning Inventory 2,000 $20 July 5 Sold 1,000 July 13 Purchased 6,000 22 July 17 Sold 3,000 July 25 25 Purchased 8,000 July 27 Sold 5,000 1073