Salt and Mineral $($SAM$)$ began $2024$ with $200$ units of its one product. These units were purchased near the end of $2023$ for $$25$ each. During the month of January, $100$ units were purchased on January $8$ for $$28$ each and another $200$ units were purchased on January $19$ for $$30$ each. Sales of $125$ units and $100$ 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 average cost.

Note: Round cost per unit to $2$ decimal places.

$\backslash$table$[[$Average Cost,Cost of Goods Available for Sale,Cost of Goods Sold $-$ Average Cost,Ending Inventory $-$ Average Cost$],[\backslash$table$[[$Number of$],[$units$]],\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Cost of Goods$],[$Available for$],[$Sale$]],\backslash$table$[[$Number of$],[$units sold$]],\backslash$table$[[$Average$],[$Cost per$],[$Unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number of$],[$units in ending$],[$inventory$]],\backslash$table$[[$Average$],[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$Beginning Inventory,$200,$$$25\mathrm{.}00,5,000,,,,,4,],[$Purchases:$],[$January $8,100,$$$28\mathrm{.}00,2,800,,,,,,],[$January $19,200,$$$30\mathrm{.}00,6,000,,,,,,],[$Total$,500,,13,800,225,27\mathrm{.}50,6,188,275,28\mathrm{.}14,7,739]]$

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