Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 45 $ 10 July 13 Purchase 225 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 170 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.

LIFO (Periodic)
	Units	Cost per Unit	Total
Beginning Inventory	45	$10.00	$450
Purchases
July 13	225	$13.00	2,925
Goods Available for Sale			270
Cost of Goods Sold
Units from Beginning Inventory	45	$10.00
Units from July 13 Purchase	225	$13.00
Total Cost of Goods Sold			3,375
Ending Inventory			$3,105
LIFO (Periodic)
Sales
Cost of Goods Sold
Gross Profit