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Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near the end of 2023 for $25 each.

image text in transcribedimage text in transcribed Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 180 units were purchased on January 8 for $28 each and another 360 units were purchased on January 19 for $30 each. Sales of 140 units and 260 units were made on January 10 and January 25, respectively. There were 500 units on hand at the end of the month. SAM uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost. Answer is not complete. Complete this question by entering your answers in the tabs below. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost Note: Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers. Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 180 units were purchased on January 8 for $28 each and another 360 units were purchased on January 19 for $30 each. Sales of 140 units and 260 units were made on January 10 and January 25, respectively. There were 500 units on hand at the end of the month. SAM uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost. Answer is not complete. Complete this question by entering your answers in the tabs below. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO

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