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. 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.

Required 1 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 Goods Sold Perpetual Average # of units Cost per unit Inventory Value # of units sold Avg. Cost per unit Cost of Goods Sold Beginning Inventory Purchase - January 8 Subtotal Average Cost Sale - January 10 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale - January 25 Total 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 # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beg. Inventory Purchases: January 8 January 19 Total Required 1 Required 2 >