Question
Samuelson and Messenger (SAM) began 2021 with 340 units of its one product. These units were purchased near the end of 2020 for $22 each.
Samuelson and Messenger (SAM) began 2021 with 340 units of its one product. These units were purchased near the end of 2020 for $22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January 19 for $27 each. Sales of 185 units and 210 units were made on January 10 and January 25, respectively. There were 455 units on hand at the end of the month. SAM uses a perpetual inventory system.
Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO.
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