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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.

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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 220 units and 180 units were made on January 10 and January 25, respectively. There were 400 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. Complete this question by entering your answers in the tabs below. Required: 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 Good Sold Perpetual Average of units Cost per Inventory W of units Avg. Cost per Cost of unit Value sold unit Goods Sold Beginning Inventory 32015 22.00 $ 7.040 Purchase January 8 150 25.00 4,000 Subtotal Average cost 480 11,040 Sale January 10 Subtotal Average Cost 480 11,040 Purchase. January 19 320 27.00 8.640 Subtotal Average Cow 800 19.000 Sale anuary 25 Total 300 S 10.00 0

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