Samuelson and Messenger (SAM) began 2021 with 340 units of its one product. These units were purchased near the end of 2020 for $24 each. During the month of January, 170 units were purchased on January 8 for $27 each and another 300 units were purchased on January 19 for $29 each. Sales of 160 units and 220 units were made on January 10 and January 25, respectively. There were 430 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 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using average cost (Round cos decimal places. Enter inventory reductions from sales as negative numbers.) Perpetual Average Inventory on hand Cost per Inventory unit Value $ # of units # of units sold Cost of Goods Sold Avg. Cost per Cost of unit Goods 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 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 Cost per # of units # of units sold Cost of Goods Available for Sale Cost per unit Cost of Goods Sold Cost per unit # of units sold Cost of Goods Sold unit # of units in ending inventory Cost per unit Ending Inventory 340 $ 24.00 $ 8,160 $ 24.00 $ 0 $ 24.00 $ 0 $ 24.00 $ 0 Beg. Inventory Purchases: January 8 January 19 Total 170 27.00 0 27.00 0 0 27.00 29.00 4,590 8,700 21,450 27.00 29.00 29.00 0 29.00 0 300 810 0 $ 0 $ 0 0 $ 0 0 $ 0