value: 0.57 points M7-6 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost Goods Sold, and Gross Profit under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] The following are the transactions for the month of July Unit Units Unit Cost Selling Price July 1 Beginning Inventory July 13 Purchase July 25 Sold 54 270 $10 12 (100) S16 July 31 Ending Inventory224 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) weighted average cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole d amount.) (a)FIFO FIFO (Poriodic) Cost per Total 54 $10.00$ 540 270 $ 1200 3,240 Unit Beginning Inventory Purchases July 13 Calculate cost of goods available for sale and ending inventor, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) weighted average cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) (a)FIFO FIFO (Periodic) Cost perTotal Units Unit 54$ 10.00 540 Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold 270 $ 1203,240 3,780 54 $ 10.00 44 $ 12.00 Units from Beginning Inventory Units from July 13 Purchase 1.068 $ 3,240 Total Cost of Goods Sold Ending Inventory FIFO (Periodic) Sales Cost of Goods Sold Gross Profit $1,600 (b)LIFO LIFO (Periodic) Cost per Total Unit 54$ 10.00|$ 540 Beginning Inventory Purchases 270 S 12.00 3,240 July 13 Goods Available for Sale Cost of Goods Sold Units from July 13 Purchase Units from July 13 Purchase Total Cost of Goods Sold 0 Ending Inventory IF Sales Cost of Goods Sold Gross Profit (c) Weighted Average Cost Weighted Average (Periodic) Units Cost per Unit of Goods Sold Cost Gross Profit (c)Weighted Average Cost Weighted Average (Periodic) Units Cost per Total Unit 0 Beginning Inventory Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory 0 eighted Average (Periodic) Sales Cost of Goods Sold Gross Profit