M7-10 (Algo) Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) (LO 7-3) 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 system. The following are the transactions for the month of July Sold Units Unit Cost July 1 Beginning Inventory 2,500 $45 July 5 1,500 July 13 Purchased 6,500 49 July 17 Sold 3,500 July 25 Purchased 8,500 53 July 27 Sold 5,500 Calculate the cost of goods available for sale, ending inventory, and cost of goods sold it Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average cost (Round "Cost per Unit" to 2 decimal places.) FIFO LIFO Weighted Average Cost 364,500 5 864,500 Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold 864.500 5 345,000