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Samuelson and Messenger (SAM) began 2021 with 360 units of its one product. These units were purchased near the end of 2020 for $25 each.
Samuelson and Messenger (SAM) began 2021 with 360 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 180 units were purchased on January 8 for $28 each and another 360 units were purchased on January 19 for $30 each. Sales of 140 units and 260 units were made on January 10 and January 25, respectively. There were 500 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. 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 Ending Inventory - Periodic FIFO FIFO # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of # of units Cost per sold Goods unit Sold 25.00 $ 0 # of units in ending inventory Cost per unit Ending Inventory 360 S 25.00 s 9,000 25.00 S 0 Beginning Inventory Purchases: January 8 January 19 Total 180 28.00 28.00 28.00 Oo 360 5,040 10.800 24,840 30.00 30.00 30.00 OOO 900 $ 0 S 0 0 $ 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 Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost # of units Unit Average Average Cost of Goods # of units # of units Cost of in ending Ending Cost per Cost Cost per Available for Sale sold Unit Goods Sold inventory unit Inventory Beginning Inventory $ 25.00 $ 9,000 Purchases: January 8 180 $28.00 5,040 January 19 360 $ 30.00 10.800 Total 900 s 24.840 $ 0 S 0 380
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