Salt and Mineral $($SAM$)$ began $2024$ with $340$ units of its one product. These units were purchased near the end of $2023$ for $$22$ each. During the month of January, $170$ units were purchased on January $8$ for $$25$ each and another $340$ units were purchased on January $19$ for $$27$ each. Sales of $185$ units and $240$ units were made on January $10$ and January $25,$ respectively. There were $425$ units on hand at the end of the month. SAM uses a periodic inventory system.

Required:

Calculate ending inventory and cost of goods sold for January using FIFO.

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Required $1$

Calculate ending inventory and cost of goods sold for January using FIFO.

$\backslash$table$[[FIF{O}_{?},$Cost of Goods Available for Sale,Cost of Goods Sold $-$ Periodic FIFO,Ending Inventory $-$ F$],[\backslash$table$[[\backslash$table$[[$Number of$],[$units$]]],[340]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Available for Sale$]],\backslash$table$[[$Number of$],[$units sold$]],\backslash$table$[[\backslash$table$[[$Cost per$],[$unit$]]],[22\mathrm{.}00]],\backslash$table$[[$Cost of$],[$Goods$],[$Sold$]],\backslash$table$[[$Number of$],[$units in$],[$ending$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]]],[$Beginning Inventory,$$,22\mathrm{.}00,$$$,7,480,,4,070,0,$$$,22\mathrm{.}1],[\backslash$table$[[$Beginning Inventory$],[$Purchases:$]]],[$January $8,170,,25\mathrm{.}00,,4,250,,25\mathrm{.}00,,0,,,25\mathrm{.}1],[$January $19,340,,27\mathrm{.}00,,9,180,0,27\mathrm{.}00,,0,340,,27\mathrm{.}1],[$Total$,850,,,$$$,20,910,185,,$$$,4,070,340,,]]$