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 54 270 (180) 224 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 system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic Inventory system is used. 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 FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Units Cost per Total Unit $ 54 10 s 540 270 $ 12 S 3.240 3.780 $ 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 54 10 170 s 12 s 2.580 Required A Required B > ! 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 Units Unit Cost Price July 1 Beginning Inventory $ 10 July 13 Purchase July 25 (100) July 31 Ending Inventory 54 270 12 Sold $ 16 224 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 system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Sales Cost of Goods Sold Gross Profit