Return to question 2 5 Samuelson and Messenger (SAM) began 2021 with 220 units of its one product. These units were purchased near the end of 2020 for $22 each. During the month of January, 110 units were purchased on January 8 for $25 each and another 220 units were purchased on January 19 for $27 each. Sales of 130 units and 120 units were made on January 10 and January 25, respectively. There were 300 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. points X 01:15:34 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 FIFO. Cost of Goods Available for Sale Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 - Perpetual FIFO Cost per unit # of units Cost of Goods Available for Sale # of units sold Cost per unit Cost per # of units sold Cost of Goods Sold $ 4,840 Cost of Goods Sold # of u in en inven unit 220 S 22.00 $ 4.840 220 X S 22.00 $ 22.00 S 0 Beg. Inventory Purchases: January 8 110 25.00 2.750 30 X 25.00 750 220 X 25.00 5,500 Return to question 2. Complete this question by entering your answers in the tabs below. Required 1 Required 2 5 points Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 01:15:27 Cost of Goods Available for Sale Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 Perpetual FIFO Cost Cost per # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units sold Cost of Goods Sold # of u in enc inven per unit unit Beg. Inventory 220 $ 22.00 $ 4,840 220 X $ 22.00 $ 4,840 $ 22.00 $ 0 Purchases: 110 25.00 2,750 30 25.00 750 220 X 25.00 5,500 January 8 January 19 Total 220 27.00 110 27.00 30 27.00 810 5,940 13,530 2,970 $ 8,560 550 $ 360 250 $ 6,310 Return to question 2 tering your answers in the tabs below. 5 points ilate ending inventory and cost of goods sold for January using FIFO. 2 01:15:21 of Goods Available for Sale Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 Inventory Balance Cost Cost Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory per unit per unit $ 22.00 $ 4,840 220 X $ 22.00 $ 4,840 $ 22.00 $ 0 $ 22.00 $ 0 25.00 30 25.00 750 220 25.00 5,500 80 25.00 2,000 2,750 5,940 27.00 110 27.00 2,970 30 x 27.00 810 220 27.00 5,940 7,940 $ 13,530 360 $ 8,560 250 $ 6,310 300 $ Required 1 Required 2 > Return to qu 2 Answer is not complete. Complete this question by entering your answers in the tabs below. 5 points 8 01:15:02 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.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per # of units Inventory Value # of units sold Avg. Cost per unit Cost of Goods Sold unit 220$ 110 330 Beginning Inventory Purchase - January 8 Subtotal Average Cost Sale - January 10 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale - January 25 Total 22.00 $ 25.00 25.00 X 25.00 X 25.00 X 27.00 22.00 X 22.00 4,840 2,750 7,590 0 7,590 5,940 330 220 550 ol 13,530 0 550 13,530 0 $ 0
