alue 0.83 points M7-6 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 are the transactions for the month of July July 1 Beginning Inventory 49 July 25 Sold July 31 Ending Inventory194 Units Unit Cost Selling Price 245 11 100) S10 $14 Solution Answers FIFO (Periodic) Units Cost per unit Total Beginning Inventory 49 $ 10.00 $ 490.00 Purchases: Jul-13 245 $ 11.00 $ 2,695.00 Goods Available for Sale $ 3,185.00 Cost of Goods Sold: Beginning Inventory 49 $ 10.00 $ 490.00 Jul-13 51 $ 11.00 $ 561.00 Total Cost of Goods Sold $ 1,051.00 Ending Inventory $ 2,134.00 Sales $ 1,400.00 Cost of Goods Sold $ 1,051.00 Gross Profit $ 349.00 LIFO (Periodic) Units Cost per unit Total Beginning Inventory 49 $ 10.00 $ 490.00 Purchases: Jul-13 245 $ 11.00 $ 2,695.00 Goods Available for Sale $ 3,185.00 Cost of Goods Sold: Jul-13 100 $ 11.00 $ 1,100.00 $ - Total Cost of Goods Sold $ 1,100.00 Ending Inventory $ 2,085.00 Sales $ 1,400.00 Cost of Goods Sold $ 1,100.00 Gross Profit $ 300.00 Weighted Average cost per unit: Goods Available for sale = $ 3,185 Beginning + Purchased units = 49+ 245 = 294 units Weighted Average cost per unit = 3185 / 294 = $ 10.83 per unit Weighted Average (Periodic) Units Cost per unit Total Beginning Inventory 49 $ 10.00 $ 490.00 Purchases 245 $ 11.00 $ 2,695.00 Goods Available for Sale $ 3,185.00 Cost of Goods Sold: 100 $ 10.83 $ 1,083.00 Ending Inventory $ 2,102.00 Sales $ 1,400.00 Cost of Goods Sold $ 1,083.00 Gross Profit $ 317.00 FIFO (Periodic) Units Cost per unit Total Beginning Inventory 49 $ 10.00 $ 490.00 Purchases: Jul-13 245 $ 11.00 $ 2,695.00 Goods Available for Sale $ 3,185.00 Cost of Goods Sold: Beginning Inventory 49 $ 10.00 $ 490.00 Jul-13 51 $ 11.00 $ 561.00 Total Cost of Goods Sold $ 1,051.00 Ending Inventory $ 2,134.00 Sales $ 1,400.00 Cost of Goods Sold $ 1,051.00 Gross Profit $ 349.00.

1. Based on the elements from the Ruby Payne readings create a resource file. In the form of a
newsletter, website, or brochure, identify resources in your local community that provide
assistance and support students and parents that are in a struggling socioeconomic status.
Solution
According to Ruby payne frame work poverty is not simply the financial condition of the people.
Culture of a society with certain rules, values and knowledge transfered from generations that
become the foundation for the successful life of the people, in other words that thought process
defines how to lead a life, how to fulfill needs of life, hoe to entertain and be entertained. this
traditional culture hides the rules of poverty inside it.
The profecessional person from a middle class family could not understant or cant relate them
selves to the person came from under the poverty line. Those middle class people donot
understand or appriciate the hidden and essencial rules of serviving in poverty. socioeconomic
statues mostly defined by the combination of education, income, ocupation. Different
socioeconomic statues often lead to inequities in resource access and also inclued issues related
to privilege ,power and controle. The status of a family widely affects psycological and physical
health of a person and his family well being. Looking at the data accross the country the fact is
clear that socio economic status has no educational out comes. Minority race of the society
affects more by this social status systems. Racial and ethnic minorities are more exposed to the
violence affects education, employment and other socioeconomic factors the upper or middle
class people in the society.