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 190 units were made on January 10 and January 25, respectively. There were 405 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. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 Inventory Balance Perpetual FIFO # of units Cost per Cost of Goods Available for Sale # of units sold Cost of Goods Sold Cost per unit # of units sold Cost per unit Cost of Goods Sold unit # of units in ending inventory Cost per unit Ending Inventory 300 $ 25.00 $ 7,500 155 $ 25.00 $ 3,875 190 X $ 25.00 $ 4,750 0 $ 25.00 $ 0 Beg. Inventory Purchases January 8 January 19 Total 150 28.00 0 45 1,260 110 28.00 28.00 30.00 4,200 9,000 20,700 30.00 28.00 30.00 300 750 0 0 $ 3,875 30.00 0 155 0 235 0 $ 6,010 190 X 300 3,080 5,700 8,780 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 190 units were made on January 10 and January 25, respectively. There were 405 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. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using average cost (Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per # of units # of units Inventory Value Cost of Goods Sold Avg. Cost per unit unit sold $ 0 0 0 0 0 Beginning Inventory Purchase - January 8 Subtotal Average Cost Sale - January 10 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale - January 25 Total 0 0 0 0 0 0 0 0 0 $ 0
