Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system [LO8-4] Samuelson and Messenger (SAM) began 2021 with 270 units of Its one product. These units were purchased near the end of 2020 for $24 each. During the month of January, 135 units were purchased on January 8 for $27 each and another 270 units were purchased on January 19 for $29 each. Sales of 130 units and 170 units were made on January 10 and January 25, respectively. There were 375 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 Ending Inventory Periodic FIFO FIFO # of units Cost per unit Cost of Goods Available for Sale Cost of # of units # of units sold Cost per unit Goods in ending Cost per unit Sold inventory Ending Inventory Beginning Inventory 270 S 24.00 $ 6,480 24.00 $ 0 S 24.00 S 0 Purchases: January & 135 27.00 3,645 27.00 0 27.00 0 January 19 270 29.00 7,830 29.00 0 29.00 0 Total 675 $ 17.955 $ 0 0 $ 0 Required 2 >