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	250				13
July 25	Sold	(100	)					$	15
July 31	Ending Inventory	200

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.

FIFO (Periodic)
	Units	Cost per Unit	Total
Beginning Inventory	50	$10.00	$500
Purchases
July 13	250	$13.00	3,250
Goods Available for Sale			3,750
Cost of Goods Sold
Units from Beginning Inventory
Units from July 13 Purchase
Total Cost of Goods Sold			0
Ending Inventory
FIFO (Periodic)
Sales
Cost of Goods Sold
Gross Profit