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Samuelson and Messenger (SAM) began 2021 with 250 units of its one product. These units were purchased near the end of 2020 for $25 each.
Samuelson and Messenger (SAM) began 2021 with 250 units of its one product. These units were purchased near the end of 2020 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: 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. 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. FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost per Cost of cost of Goods Available # of units Cost per # of units Goods sold for Sale unit Sold 250 $ 25.00 $ 6,250 250 25.00 $ 6,250 Ending Inventory - Periodic FIFO # of units Ending Cost per in ending inventory unit Inventory $ 25.00 $ unit Beginning Inventory Purchases: January 8 January 19 Total 28.00 125 225 600 3,500 6,750 16,500 30.00 28. 000 30.00 28. 000 30.00 0 $ 6,250 250 $ 0 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 Cost of Goods Sold - Average Cost Unit Average Cost of Goods Available # of units Cost of # of units Cost Cost per for Sale sold Unit Goods Sold 250 $ 25.00 $ 6,250 Ending Inventory - Average Cost # of units Average Ending in ending Cost per Inventory inventory unit Beginning Inventory Purchases: January 8 January 19 Total 125 225 600 $28.00 $ 30.00 3,500 6,750 16,500 $ 0 $ Required 1 Required 2 >
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