Samuelson and Messenger (SAM) began 2021 with 240 units of its one product. These units were purchased near the end of 2020 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 Required 2 Calculate ending Inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale of units Cost per Cost of Goods unit Available for Sale 2405 25.00 $ 6.000 Cost of Good Sold - Periode FIFO Hinding luntary - Porodie FFO of units Coat per Couto of unite Cost per Ending Goods sold In ending unt Inventory Sold Inventary 240 25.00 55.000 ols 95.00 5 o Beginning inventory Purchases January 8 Jary 15 Tons 120 2000 200 30.00 3.360 7.200 16 550 28.00 30.00 28.00 3000 0 20 20 7200 9.500 00 0 $ 6.000 5 200 35 greda > Samuelson and Messenger (SAM) began 2021 with 240 units of its one product. These units were purchased near the end of 2020 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 cos Calculate ending inventory and cost of goods sold for January using average cost. (Round cast per unit to 2 decimal places) Cost of Goods Avaliable for Sale Cost of Goods Sold - Average Coat Ending Inventory - Average Cout Average Co Unit Cost of Goods Averago of units # of units Average Cost of Cost per Ending Coat per intending sold Cost Available for Sale Unit Goods Sold Inventory Inventory unit Beginning inventory 240 525.00 5 6,000 Purchase January 120 $20.00 3.380 January 10 240 $30.00 7200 Total 800 $ 16,500 5 5