M7-6 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 are the transactions for the month of July.

		Units	Unit Cost	Unit SellingPrice
July 1	Beginning Inventory		55		$	10
July 13	Purchase		275			11
July 25	Sold	(	100	)				$	14
July 31	Ending Inventory		230

Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) weighted average cost. Assume a periodic inventory system is used.(Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.)

(a)	FIFO

(b)	LIFO

(c)	Weighted Average Cost