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22 Samuelson and Messenger (SAM) began 2021 with 400 units of its one product. These units were purchased near the end of 2020 for $25
22 Samuelson and Messenger (SAM) began 2021 with 400 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 200 units were purchased on January 8 for $28 each and another 400 units were purchased on January 19 for $30 each. Sales of 150 units and 300 units were made on January 10 and January 25, respectively. There were 550 units on hand at the end of the month. SAM uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO. 2. Calculate ending inventory and cost of goods sold for January using average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold-Periodic FIFO FIFO # of units Cost per unit Cost of Cost of Goods Available for Sale # of units Cost per sold unit Goods Sold Beginning Inventory 400 $ 25.00 $ 10,000 25.00 Purchases January 8 200 28.00] 5,600 28.00 January 19 400 30.00 12.000 30.00 Total 1,000 $ 27 600 Required 2 > Ending Inventory-Periodic FIFO of units Cost per in ending unit Ending Inventory inventory $ 25.00 28 00 30.00 Samuelson and Messenger (SAM) began 2021 with 400 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 200 units were purchased on January 8 for $28 each and another 400 units were purchased on January 19 for $30 each. Sales of 150 units and 300 units were made on January 10 and January 25, respectively. There were 550 units on hand at the end of the month. SAM uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO. 2. Calculate ending inventory and cost of goods sold for January using average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Average Cost # of units Unit Cost Cost of Goods Available for Sale Calculate ending inventory and cost of goods sold for January using average cost. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold Ending inventory-Average Cost Average Cost per unit Ending Inventory Cost of Goods Sold - Average Cost # of units sold Average Cost per Unit # of units in ending inventory Beginning Inventory 400 $25.00 $ 10,000 Purchases January 8 200 $28.00 5,600 January 19 400 $30.00 12,000 Total 1,000 $ 27,600
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