Salt and Mineral $($SAM$)$ began $2024$ with $350$ units of its one product. These units were purchased near the end of $2023$ for $$24$ each. During the month of January, $250$ units were purchased on January $8$ for $$27$ each and another $300$ units were purchased on January $19$ for $$29$ each. Sales of $160$ units and $250$ units were made on January $10$ and January $25,$ respectively. There were $490$ 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.

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Required $1$

Required $2$

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

$\backslash$table$[[$FIFO$,$Cost of Goods Available for Sale,Cost of Goods Sold $-$ Periodic FIFO,Ending Inventory $-$ Periodic FIFO$],[\backslash$table$[[$Number of$],[$units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods Available$],[$for Sale$]],\backslash$table$[[$Number of$],[$units sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Sold$]],\backslash$table$[[$Number of$],[$units in$],[$ending$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$Beginning Inventory,$350,24\mathrm{.}00,8,400,,24\mathrm{.}00,$$$,,24\mathrm{.}00,$$