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The following are the transactions for the month of July.

Units Unit Cost Unit Selling Price

July $1$ Beginning Inventory $50$ $ $10$

July $13$ Purchase $25013$

July $25$ Sold $(100)$ $ $15$

July $31$ Ending Inventory $200$

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.

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