Brief Exercise 8-7 (Static) Inventory cost flow methods; periodic system (L08-4] Samuelson 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 on January 19 for $30 each. Sales of 125 units and 100 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. 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 FIFO Cost per Cost per Ending Inventory - Periodic FIFO # of units in ending Ending unit inventory Inventory $ 25.00 Cost of Goods Sold unit # of units Cost per Cost of Goods # of units unit Available for Sale sold 200 $ 25.00 $ 5.000 $ 25.00 Beginning Inventory Purchases: January 8 January 19 Total 100 200 28.00 30.00 2,800 6,000 13,800 28.00 30.00 28.00 30.00 500 $ Brief Exercise 8-7 (Static) Inventory cost flow methods; periodic system (L08-4] Samuelson 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 on January 19 for $30 each. Sales of 125 units and 100 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. 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 Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Cost of Goods Average Unit # of units in Cost of Average # of units Ending # of units Available for Cost per sold Cost per Cost ending Goods Sold Sale Unit Inventory inventory unit Beginning Inventory 200 $25.00 $ 5,000 Purchases: January 8 100 $28.00 2,800 January 19 200 $ 30.00 6.000 Total 500 $ 13,800
