Salt and Mineral (SAM) began 2024 with 240 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 120 units were purchased on January 8 for $28 each and another 240 units were purchased on January 19 for $30 each. Sales of 150 units and 125 units were made on January 10 and January 25, respectively. There were 325 units on hand at the end of the month. SAM uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO. 2. Calculate ending inventory and cost of goods sold for January using average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Number of FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold units in ending Cost per unit Ending Inventory inventory 240 $ 25.00 $ 6,000 25.00 $ 0 $ 25.00 $ 0 Beginning Inventory Purchases: January 8 120 28.00 January 19 240 30.00 Total 600 $ 3,360 28.00 0 7,200 30.00 0 16,560 0 $ < Required 1 Required 2 > 28.00 0 30.00 0 $ 0 Salt and Mineral (SAM) began 2024 with 240 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 120 units were purchased on January 8 for $28 each and another 240 units were purchased on January 19 for $30 each. Sales of 150 units and 125 units were made on January 10 and January 25, respectively. There were 325 units on hand at the end of the month. SAM uses a periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO. 2. Calculate ending inventory and cost of goods sold for January using average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate ending inventory and cost of goods sold for January using average cost. Note: Round cost per unit to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Number of units Unit Cost Cost of Goods Available for Sale Number of units sold Average Cost per Unit Cost of Goods Sold Number of units in ending Average Cost per unit Ending Inventory inventory 240 $25.00 $ 6,000 Beginning Inventory Purchases: January 8 120 $28.00 3,360 January 19 240 $30.00 7,200 Total 600 $ 16,560 0 0 < Required 1 Required 2 > Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available at the end of the year: Beginning inventory Net purchases Freight-in Cost $ 340,000 873,000 26,000 Retail $ 490,000 1,250,000 52,000 Net markups Net markdowns Net sales 22,000 1,220,000 Estimate ending inventory and cost of goods sold (average cost). Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 340,000 $ 873,000 490,000 1,250,000 26,000 52,000 (22,000) 1,239,000 1,770,000 70.00% (1,220,000) $ 550,000