Brief Exercise 8-6 (Algo) Inventory cost flow methods; perpetual system [LO8-4]

Samuelson and Messenger (SAM) began 2021 with 300 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 150 units were purchased on January 8 for $28 each and another 300 units were purchased on January 19 for $30 each. Sales of 155 units and 190 units were made on January 10 and January 25, respectively. There were 405 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.

Brief Exercise 8-6 (Algo) Inventory cost flow methods; perpetual system [LO8-4] Samuelson and Messenger (SAM) began 2021 with 300 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 150 units were purchased on January 8 for $28 each and another 300 units were purchased on January 19 for $30 each. Sales of 155 units and 190 units were made on January 10 and January 25 , respectively. There were 405 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. Brief Exercise 8-6 (Algo) Inventory cost flow methods; perpetual system [LO8-4] Samuelson and Messenger (SAM) began 2021 with 300 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 150 units were purchased on January 8 for $28 each and another 300 units were purchased on January 19 for $30 each. Sales of 155 units and 190 units were made on January 10 and January 25 , respectively. There were 405 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. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost (Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers.)