M7-7 to M7-9 (Algo) 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 Unit Coat $ 10 13 July 1 July 13 July 25 July 31 Unita 59 295 (100 254 Beginning Inventory Purchase Sold Ending Inventory $ 15 M7-8 (Algo) Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic LIFO [LO 7-3) Required: a. Calculate cost of goods available for sale and ending Inventory under LIFO. Assume a periodic Inventory system is used. b. Calculate sales, cost of goods sold, and gross profit under LIFO. Assume a perlodic inventory system is used. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory system is used. Total Cost Units per Unit 59 $ 10 s 590 295$ 13$ 3,835 $ 4,425 LIFO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Total Cost of Goods Sold Ending Inventory 59 $ 41 xls 10 13 $ 1.123 $ 3,3023 Required Required B M7-7 to M7-9 (Algo) 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 Units Unit Cost Price July 1 Beginning Inventory $ 10 July 13 Purchase July 25 Sold (100) $ 15 July 31 Ending Inventory 254 59 295 M7-8 (Algo) Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic LIFO [LO 7-3) Required: a. Calculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit under LIFO. Assume a periodic Inventory system is used Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Requiredo Calculate sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic Inventory system is used. LIFO (Periodic) Sales Cost of Goods Sold Gross Profit 1,500 1,123 377