Brief Exercise 8-12 (Algo) Inventory cost flow methods; perpetual system (LO8-4] Salt and Mineral (SAM) began 2024 with 330 units of its one product. These units were purchased near the end of 2023 for $20 each. During the month of January, 165 units were purchased on January 8 for $23 each and another 330 units were purchased on January 19 for $25 each. Sales of 170 units and 200 units were made on January 10 and January 25, respectively. There were 455 units on hand at the end of the month. SAM uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 2. 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 average cost Note: Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers. Inventory on hand Cost of Goods Sold Perpetual Average Number of units Cost per unit Inventory Value Number of units sold Average Cost per unit Cost of Goods Sold Beginning Inventory 330 $ 20.00 $ 6,600 Purchase-January 8 165 23.00 3,795 Subtotal Average Cost 495 10,395 Sale-January 10 (170) 20.00 (3,400) 170 $ 20.00 $ 3,400 Subtotal Average Cost 325 6,995) Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using average cost Note: Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers. Inventory on hand Cost of Goods Sold Perpetual Average Number of units Cost per Inventory unit Value Number of units sold Average Cost per unit Cost of Goods Sold Beginning Inventory Purchase- January 8 330 $ 20.00 $ 6,600 165 23.00 3,795 Subtotal Average Cost 495 10,395 Sale-January 10 (170) 20.00 (3,400) 170 $ 20.00 $ 3,400 Subtotal Average Cost 325 6,995 Purchase January 19 330 25.00 8,250 Subtotal Average Cost 655 15,245 Sale January 25 (200) 23.00 (4,600) 200 23.00 4,600 Total 455 $ 10,645 370 $ 8,000 < Required 1 Required 2 > Brief Exercise 8-12 (Algo) Inventory cost flow methods; perpetual system [LO8-4] Salt and Mineral (SAM) began 2024 with 330 units of its one product. These units were purchased near the end of 2023 for $20 each. During the month of January, 165 units were purchased on January 8 for $23 each and another 330 units were purchased on January 19 for $25 each. Sales of 170 units and 200 units were made on January 10 and January 25, respectively. There were 455 units on hand at the end of the month. SAM uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO 2. 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 Available for Sale Cost of Goods Sold-January 10 Cost of Goods Sold January 25 Inventory Balance Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per Cost of Goods Number of units sold Cost per unit Cost of Goods Number of units in anding Seldi Sold Inventory Cost per wit Ending Inventory Beginning inventory 330 $ 20.00 $ 6,600 170 $20.00 $3,400 160 $ 20.00 $3,200 $2000 $ Purchases January 165 23.00 3796 2100 40 23.00 920 125 23.00 2,875 January 19 330 25.00 8,250 25.00 0 25.00 0 330 25.00 8,250 Total 825 $ 18,645 170 $3400 200 $ 4,120 4551 $ 11,125) Required 2>