Required information 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 Cost $ 10 12 July 1 July 13 July 25 July 31 Units 41 285 100) 146 Beginning Inventory Purchase Sold Ending Inventory $ 16 M7-7 (Algo) Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO (LO 7-3] Required: a. Calculate cost of goods available for sale and ending Inventory under FIFO. Assume a periodic inventory systemys used. b. Calculate sales, cost of goods sold and gross profit. under FIFO. Assume a periodic inventory system is used. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. Cost per Units Unit Total FIFO (Periodic) Beginning Inventory Purchases $ 0 July 13 $ 0 Goods Available for Sale Cost of Goods Sold 0 Total Cost of Goods Sold Ending Inventory Required B > Required A. Required B Calculate sales, cost of goods sold, and gross profit, under FIFO. Assum FIFO (Periodic) Sales Cost of Goods Sold Gross Profit