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Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system (L08-4] Samuelson and Messenger (SAM) began 2021 with 250 units of its one product. These
Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system (L08-4] Samuelson and Messenger (SAM) began 2021 with 250 units of its one product. These units were purchased near the end of 2020 for $20 each. During the month of January, 125 units were purchased on January 8 for $23 each and another 250 units were purchased on January 19 for $25 each. Sales of 200 units and 150 units were made on January 10 and January 25, respectively. There were 275 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. 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 FIFO # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO # of units Cost of Cost per Goods sold unit Sold 250 20.00 $ 5,000 Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory inventory $ 20.00 $ 0 250 $ 20.00 $ 5,000 Beginning Inventory Purchases: 125 23.00 50 23.00 1,150 January 8 January 19 Total 25.00 2,875 6,250 14,125 23.00 25.00 25.00 250 625 0 25 250 275 575 6,250 6,825 $ 300 $ 6,150 $ 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 average cost. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Average Cost Unit Cost Cost of Goods Sold - Average Cost Average # of units Cost of Cost per Goods Sold Unit Cost of Goods Available for Sale # of units Ending Inventory - Average Cost # of units Average Ending in ending Cost per Inventory inventory unit sold 250 $ 20.00 $ 5,000 Beginning Inventory Purchases: January 8 January 19 Total 2,875 125 $23.00 250 $ 25.00 625 6,250 14,125 $ $ $
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