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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 Price Unit Cost $ 10 11 July 1 July 13 July 25 July 31 Units 58 290 (100) 248 Beginning Inventory Purchase Sold Ending Inventory $ 14 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 Firo. Assume a periodic inventory system is used Units Cost per Unit Total FIFO (Periodic) Beginning inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold Ending riventory Required B >

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