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Samuelson and Messenger (SAM) began 2021 with 300 units of its one product. These units were purchased near the end of 2020 for $25 each.
Samuelson and Messenger (SAM) began 2021 with 300 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 150 units were purchased on January 8 for $28 each and another 300 units were purchased on January 19 for $30 each. Sales of 155 units and 220 units were made on January 10 and January 25, respectively, There were 375 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. Cost of Goods Sold - Periodic FIFO Cost of # of units Cost per Goods sold unit Sold 25.00 $ 0 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale FIFO Cost per # of units Cost of Goods unit Available for Sale Beginning Inventory 300 $ 25.00 $ 7.500 Purchases: January 8 150 28.00 4,200 January 19 300 30,00 9,000 Total 750 $ 20,700 Ending Inventory - Periodici # of units En in ending unit Inve Inventory $ 25.00 $ Cost per 0 28.00 30.00 28.00 30.00 0 0 $ 0 0 $ Calculate ending inventory and cost of goods sold for January using average cost. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cos Average Cost Unit Cost of Goods Average of units # of units # of units Average Cost of Cost Cost per Available for Sale Ending In ending Goods Sold Invento Unit Inventory unit Beginning Inventory 300 $ 25.00 $ 7,500 Purchases January 8 150 $28.00 4,200 January 19 300 $ 30.00 9,000 Total 750 20,700 S 0 Sold Cost per $
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