O Required information [The following information applies to the questions displayed below.) The following are the transactions for the month of July, Units Unit Cost Unit Selling Price July 1 Beginning Inventory 49 $10 July 13 Purchase 245 11 July 25 Sold (100) $14 July 31 Ending Inventory 194 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) X Answer is complete but not entirely correct. LIFO (Periodic) Units Total Cost per Unit $ 10.00 49 $ 490 245 $ 11.00 2,695 3,185 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 49 X $ 10.00 X 51 X $ 11.00 1,051 $ 2,134 X LIFO (Periodic) Sales Cost of Goods Sold $ 1,400 1,051 X $ 349 Gross Profit