Question
Samuelson and Messenger (SAM) began 2021 with 320 units of its one product. These units were purchased near the end of 2020 for $22
Samuelson and Messenger (SAM) began 2021 with 320 units of its one product. These units were purchased near the end of 2020 for $22 each. During the month of January, 160 units were purchased on January 8 for $25 each and another 320 units were purchased on January 19 for $27 each. Sales of 160 units and 280 units were made on January 10 and January 25, respectively. There were 360 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 Cost of Goods Sold - Periodic FIFO FIFO Cost of # of units # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Goods Sold in ending inventory Ending Inventory - Periodic FIFO Cost per unit Ending Inventory Beginning Inventory 320 $ 22.00 $ 7,040 22.00 $ 0 S 22.00 $ 0 Purchases: January 8 160 25.00 January 19 320 27.00 Total 800 $ 4,000 25.00 0 25.00 0 8,640 19,680 27.00 0 27.00 0 0 $ 0 0 $ 0 < Required 1 Required 2 >
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