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 July 1 Beginning Inventory $ 10 July 13 Purchase July 25 Sold $ 15 July 31 Ending Inventory Unit Cost Price Units 48 240 (100) 188 13 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 Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used Units Cost per Unit Total $ 0 FIFO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold $ 0 $ Total Cost of Goods Sold Ending Inventory 0 Required Required B > 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 Required A Required B 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