Salt and Mineral $($SAM$)$ began $2024$ with $210$ units of its one product. These units were purchased near the end of $2023$ for $$20$ each.

During the month of January, $105$ units were purchased on January $8$ for $$23$ each and another $210$ units were purchased on January

$19$ for $$25$ each. Sales of $140$ units and $110$ 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 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.Salt and Mineral $($SAM$)$ began $2024$ with $210$ units of its one product. These units were purchased near the end of $2023$ for $$20$ each.

During the month of January, $105$ units were purchased on January $8$ for $$23$ each and another $210$ units were purchased on January

$19$ for $$25$ each. Sales of $140$ units and $110$ 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 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.