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M7-7 to M7-9 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 are the transactions for the month of July.

		Units		Unit Cost				Unit Selling Price
July 1	Beginning Inventory	56			$	10
July 13	Purchase	280				13
July 25	Sold	(100	)					$	15
July 31	Ending Inventory	236

M7-7 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO [LO 7-3]

Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.)

Answer is not complete. FIFO (Periodic) Units Total Cost per Unit $ 10.00 56 $ 560 Beginning Inventory Purchases July 13 280 $ 13.00 3,640 4,200 Goods Available for Sale Units from July 13 Purchase Units from Beginning Inventory Total Cost of Goods Sold Ending Inventory FIFO (Periodic) Sales Cost of Goods Sold $ 1,500 1,250 $ 250