Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Samuelson and Messenger (SAM) began 2021 with 330 units of its one product. These units were purchased near the end of 2020 for $20 each.

image text in transcribedimage text in transcribed

Samuelson and Messenger (SAM) began 2021 with 330 units of its one product. These units were purchased near the end of 2020 for $20 each. During the month of January, 165 units were purchased on January 8 for $23 each and another 330 units were purchased on January 19 for $25 each. Sales of 170 units and 230 units were made on January 10 and January 25, respectively. There were 425 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. X Answer is not complete. 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 FIFO Cost per # of units Cost per unit Cost of Goods Sold - Periodic FIFO # of Cost of units unit Goods sold Sold 330 20.00 $ 6,600 Cost of Goods Available for Sale Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory inventory 0 $ 20.00 $ 0 330 $ 20.00 $ 6,600 Beginning Inventory Purchases: January 8 January 19 0 X 0 165 330 23.00 25.00 3,795 8,250 23.00 25.00 165 X 330 23.00 25.00 3,795 8,250 0 0 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. Answer is not complete. 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 average cost. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale Average Cost Cost of Goods Sold - Average Cost # of Average Cost of units Cost Goods sold per Unit Sold Unit Cost # of units Ending Inventory - Average Cost # of units Average Ending in ending Cost Inventory inventory per unit Cost of Goods Available for Sale Beginning Inventory 330 S 6,600 20.00 Purchases: January 8 165 3,795 $ 23.00 $ 25.00 January 19 330 8,250 Total 825 $ 18,645 825 $ 22.70 $ 18,728 $ 0 Required 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting In Emerging Economies

Authors: Mathew Tsamenyi

1st Edition

1849506256, 9781849506250

More Books

Students also viewed these Accounting questions

Question

What is the key assumption of the Binomial Option Pricing Model?

Answered: 1 week ago

Question

=+What's the purpose of the piece?

Answered: 1 week ago

Question

=+What benefits are there in direct mail?

Answered: 1 week ago

Question

=+How will this product help them?

Answered: 1 week ago