Samuelson and Messenger (SAM) began 2021 with 320 units of its one product. These units were purchased near the end of 2020 for $24 each. During the month of January, 160 units were purchased on January 8 for $27 each and another 320 units were purchased on January 19 for $29 each. Sales of 215 units and 210 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.

Required 1

Required 2

Required 1 Required 2 Cost of Goods Sold - Periodic FIFO # of Cost of units Goods sold unit Sold 320 24.00 $ 7,680 Cost per Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale FIFO # of units Cost Cost of Goods per unit Available for Sale Beginning Inventory 320 $ 24.00 7,680 Purchases: January 8 160 27.00 4,320 January 19 29.00 9,280 Total 800 21.280 Ending Inventory - Periodic FIFO # of units Cost per Ending in ending inventory unit Inventory 320 $ 24.00 s 7,680 27.00 160 X 320 800 27.00 29.00 320 4,320 9,280 $21.280 160 x 320 29.00 4,320 9,280 $ 21,280 800 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.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost # of Average Cost of # of units Average # of units Unit Cost of Goods units Cost per Goods in ending Cost per Ending Cost Available for Sale sold Unit Sold inventory unit Inventory 320 $ Beginning Inventory S 7,680 24.00 Purchases: $ January 8 160 4,320 27.00 S January 19 320 9,280 29.00 S Total 800 21,280 210 s 27.25 5,723 375 S 27.25 $ 10,219 80.00 IS