Required information 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 information applies to the questions displayed below.) The following are the transactions for the month of July. Unit Selling Price 51 July 1 July 13 July 25 July 31 12 Units Unit Cost $10 255 (100) Beginning Inventory Purchase Sold Ending Inventory 206 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.) FIFO (Periodic) Units Cost per Total Unit Raining In 511 $ 10 000 $ 510 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.) FIFO (Periodic) Units Cost per Unit Total 51 $ 10.00 $ 510 255 $ 12.00 3,060 3.570 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 51 $ $ 10.00 12.00 FIFO (Periodic) Sales Cost of Goods Sold Gross Profit 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.) LIFO (Periodic) Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold Ending Inventory LIFO (Periodic) Sales Cost of Goods Sold Gross Profit M7-9 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Cost [LO 7-3) Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) Weighted Average (Periodic) Units Cost per Total Unit Beginning Inventory Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average (Periodic) Sales Cost of Goods Sold Gross Profit