3 4 points Skipped Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system [LO8-4] Samuelson and Messenger (SAM) began 2021 with 240 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 120 units were purchased on January 8 for $28 each and another 240 units were purchased on January 19 for $30 each. Sales of 150 units and 125 units were made on January 10 and January 25, respectively. There were 325 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. eBook 2. Calculate ending inventory and cost of goods sold for January using average cost. References 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 Ending Inventory - Periodic FIFO FIFO Cost of # of units # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Goods Sold in ending inventory Cost per unit Ending Inventory Beginning Inventory 240 $ 25.00 $ 6,000 25.00 $ 0 $ 25.00 $ 0 Purchases: January 8 120 28.00 January 19 240 30.00 Total 600 $ EA 3,360 28.00 0 28.00 0 7,200 16,560 30.00 0 30.00 0 0 $ 0 0 $ 0