The following are the transactions for the month of July.

Units Unit Cost Unit Selling Price

July $1$ Beginning Inventory $43$ $ $10$

July $13$ Purchase $21511$

July $25$ Sold $(100)$ $ $14$

July $31$ Ending Inventory $158$

Required:

a$.$ Calculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory system is used.

b$.$ Calculate sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used.

alculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory system is used.

LIFO $($Periodic$)$ Units Cost per Unit Total

Beginning Inventory $$0$

Purchases

July $13$ $$0$

Goods Available for Sale

Cost of Goods Sold

Total Cost of Goods Sold $$0$

Ending Inventory

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