Salt and Mineral $($SAM$)$ began $2024$ with $320$ units of its one product. These units were purchased near the end of $2023$ for $$24$ each. During the month of January, $160$ units were purchased on January $8$ for $$27$ each and another $320$ units were purchased on January $19$ for $$29$ each. Sales of $215$ units and $210$ units were made on January $10$ and January $25,$ respectively. There were $375$ 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.

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

Complete this question by entering your answers in the tabs below.

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

$\backslash$table$[[\backslash$table$[[$FIFO$],[$Beginning Inventory$]],$Cost of Goods Available for Sale,Cost of Goods Sold $-$ Periodic FIFO,Ending Inventory $-$ Periodic FIFO$],[\backslash$table$[[\backslash$table$[[$Number of$],[$units$]]],[320]],\backslash$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$]]],[24\mathrm{.}00]],\backslash$table$[[$Cost of$],[$Goods$],[$Sold$]],\backslash$table$[[$Number of$],[$units in$],[$ending$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$$$,24\mathrm{.}00,$$$,7,680,$$$,$$$,24\mathrm{.}00,$$$,0],[$Purchases:$,,,,a,,,,,,,,z,],[$January $8,160,,27\mathrm{.}00,,4,320,,27\mathrm{.}00,0,,,27\mathrm{.}00,,0],[$January $19,320,,29\mathrm{.}00,,9,280,,29\mathrm{.}00,0,,,29\mathrm{.}00,,0],[$Total$,800,,,$$$,21,280,0,,$$$,0,,,$$$,0]]$