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SAM question Samuelson and Messenger (SAM) began 2021 with 260 units of its one product. These units were purchased near the end of 2020 for
SAM question Samuelson and Messenger (SAM) began 2021 with 260 units of its one product. These units were purchased near the end of 2020 for $22 each. During the month of January, 130 units were purchased on January 8 for $25 each and another 260 units were purchased on January 19 for $27 each. Sales of 165 units and 160 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 FIFO of units Cost per unit Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of #of units Cost per Goods unit Sold 22.00 $ 5.720 E nding Inventory - Periodic FIFO of units Cost per Ending in ending unit Inventory Inventory $ 22.00 $ sold 260 $ 22.00 $ 5.720 Beginning Inventory Purchases: January 8 January 19 Total 130 260 650 25.00 27.00 3,2501 7,020 15,990 25.000 27.00 0 $5,720 25. 000 27.00 $ 0 Samuelson and Messenger (SAM) began 2021 with 260 units of its one product. These units were purchased near the end of 2020 for $22 each. During the month of January, 130 units were purchased on January 8 for $25 each and another 260 units were purchased on January 19 for $27 each Sales of 165 units and 160 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. (Round cost per unit to 2 decimal places.) Average Cost Cost of Goods Available for Sale Unit #of units Cost of Goods Cost Available for Sale Cost of Goods Sold - Average Cost # of units Average Cost of sold Unit Ending Inventory - Average Cost of units Average In ending Ending Cost per e ntory Inventory unit Cost per Goods Sold 260 $ 22.00 $ 5,720 Beginning Inventory Purchases January 8 130 260 650 $ 25.00 $27.00 January 19 3.250 7,020 15.990 Total
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