Willets Coffee Equipment sells European style coffee makers and uses a periodic inventory system. Its inventory records show that at July 1, Willets had 12 units on hand at a cost of $220 each. Transactions related to purchase and sale of coffee makers in July were as follows:

Date	Transaction	# Units	Cost/Unit	Sales price/Unit
July 10	Sale	3		$580
July 15	Sale	4		$580
July 20	Purchase	5	$340
July 22	Purchase	6	$320
July 30	Sale	10		$510

Instructions:

1). Calculate Cost of Goods Available for Sale.

2) For each of the cost flow assumptions identified below, calculate the ending inventory as at July 31, the cost of goods sold for the month of July and Gross Profit for the month of July. Show your work and label your answers!

(a) FIFO

(b) Average cost

(c) LIFO

Willets Coffee Cost of Goods Available for Sale (for all methods) Units Unit Cost Total Cost a) FIFO Ending Inventory Units Unit Cost Total Cost Cost of Goods Sold Units Unit Cost Total Cost Gross Profit =