Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

amuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for 25 each.

image text in transcribed

amuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for 25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased n January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively. There were 275 nits on hand at the end of the month. SAM uses a perpetual inventory system. equired: Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Complete the below table to 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 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Sold - January 25 Inventory Balance Cost of Goods Available for Sale Cost of Goods Sold - January 10 Cost per Cost per Perpetual FIFO Cost per Cost of Goods Available for Sale Cost per unit Cost of Goods Sold # of units # of units sold Cost of Goods Sold # of units in ending inventory Ending Inventory # of units sold unit unit unit $ 0 $ 0 0 25.00 $ $ 0 125 3,125 $ $ 25.00 25.00 25.00 5.000 200 $ $ 28.00 0 28.00 0 28.00 0 Beg Inventory Purchases January 8 January 19 Total 100 28.00 0 30.00 30.00 0 30.00 0 2.800 6,000 13,800 200 30.00 125 $ 3,125 0 $ 0 0 $ 0 500 S Required 2 >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What The Numbers Mean

Authors: David Marshall, Wayne William McManus, Daniel Viele

7th Edition

0073011215, 9780073011219

More Books

Students also viewed these Accounting questions

Question

List one of the facultys publications in APA style.

Answered: 1 week ago