Required 1 Part 1
Required 1 Part 2
Required 2
I need help with Required 2
Brief Exercise 8-6 (Static) Inventory cost flow methods; perpetual system (LO8-4] 0.76 points 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 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. Answer is not complete. 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. (Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers.) 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 Perpetual FIFO Cost of Goods # of units # of Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit # of units sold # of units sold Cost per unit Cost of Goods Sold Sold Beg. Inventory 200 $ 25.00 $ 5,000 125 $ 25.00 $ 3,125 75 $ 25.00 $ 1,875 Purchases: 0 25 28.00 700 January 8 January 19 100 200 500 28.00 30.00 2,800 6,000 13,800 0 0 125 28.00 30.00 0 30.00 0 Total $ 3,125 100 2,575 for January using FIFO. Goods Sold - January 10 Cost of Goods Sold - January 25 Inventory Balance Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 25.00 $ 3,125 75 $ 25.00 $ 1,875 $ 25.00 $ 0 28. 000 28.00 25 0 75 200 28.00 30.00 30.00 700 0 2,575 0 30.00 2,100 6,000 8,100 3,125 100 $ 275 $ x Answer is not complete. Complete this question by entering your answers in the tabs below. 0.76 points Required 1 Required 2 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.) Cost of Goods Sold Perpetual Average # of units sold Avg. Cost per unit Cost of Goods Sold Beginning Inventory Purchase - January 8 Subtotal Average Cost Sale - January 10 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale - January 25 Total Inventory on hand Cost # of units Inventory per Value unit 200 25.00 $ 5,000 100 28.00 2,800 300 7,800 125 X 12.66 X 1,583 425 9,383 200 30.00 6,000 625 15,383 100 X 12.66 % 1,266 725 27.60 X $ 16,649 0 0
