Salt and Mineral (SAM) began 2024 with 250 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 125 units were purchased on January 8 for $28 each and another 225 units were purchased on January 19 for $30 each. Sales of 180 units and 150 units were made on January 10 and January 25, respectively. There were 270 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.

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

FIFOCost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory - Periodic FIFONumber of unitsCost per unitCost of Goods Available for SaleNumber of units soldCost per unitCost of Goods SoldNumber of units in ending inventoryCost per unitEnding InventoryBeginning Inventory250$25.00$6,250 25.00 $25.00 Purchases: January 812528.003,500 28.00 28.00 January 1922530.006,750 30.00 30.00 Total600 $16,500