Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near the end of 2023 for $20 each. During the month of January, 180 units were purchased on January 8 for $23 each and another 360 units were purchased on January 19 for $25 each. Sales of 170 units and 270 units were made on January 10 and January 25, respectively. There were 460 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.

 

Inventory on handCost of Goods SoldPerpetual AverageNumber ofCost perInventoryNumber of Average Cost perCost ofunitsunitValueunits soldunitGoods SoldBeginning Inventory$0Purchase - January 8OSubtotal Average Cost00Sale - January 10OSubtotal Average Cost0OPurchase - January 19OSubtotal Average Cost0OSale - January 250Total0$000