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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 July 13 Purchase July 25 814 Inding Inventory Price Units 58 290 (100) 248 Unit Cost $ 10 11 Sold July 31 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 Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used FIFO (Periodic) Units Cost per Total Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic in Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending Inventory under FIFO. Assume a periodich Units Cost per Unit Total $ FIFO (Periodis) Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold 0 Total Cost of Goods Sold Ending Inventory $ 0 Required) a. Calculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory b. Calculate sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is u Complete this question by entering your answers in the tabs below. 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