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! Required information M7-7 to M7-9 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 July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 45 $10 225 13 (100) 170 $15 M7-8 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic LIFO [LO 7-3] Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) 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. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) FIFO (Periodic) Cost per Units Total Unit Beginning Inventory 45 $ 10.00 $ 450 Purchases July 13 225 $ 13.00 2,925 Goods Available for Sale 3,375 Cost of Goods Sold 45 $ 10.00 Units from Beginning Inventory Units from July 13 Purchase 100 $ 13.00 Total Cost of Goods Sold 1,750 Ending Inventory $ 1,625 FIFO (Periodic) Sales $ 1,500 Cost of Goods Sold 1,750 (250) Gross Profit $ Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) LIFO (Periodic) Units Total Cost per Unit $ 10.00 45 $ 450 Beginning Inventory Purchases July 13 225 $ 13.00 2,925 3,375 Goods Available for Sale Cost of Goods Sold Units from July 13 Purchase 100 $ 13.00 Total Cost of Goods Sold 1,300 Ending Inventory LIFO (Periodic) Sales Cost of Goods Sold Gross Profit M7-9 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Cost [LO 7-3] Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under 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.) Weighted Average (Periodic) Units Cost per Unit Total Beginning Inventory Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average (Periodic). Sales Cost of Goods Sold Gross Profit

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