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 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 unit Goods Sold 140 25.00 $ 3,500 Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory Inventory $ 25.00 $ 0 360 $ 25.00 $ 9,000 0 Beginning Inventory Purchases January 8 January 19 Total 180 360 900 28.00 30.00 5,040 10,800 24,840 0 0 28.00 30.00 28.00 30.00 0 $ 3,500 0 0 0 0 $ 140 $ Required 2 > Saved Review Assignment Help Save C 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 average cost. (Round cost per unit to 2 decimal places.) Cost of Goods Available for Sale AYROON CAN Unit Cost Cost of Goods Sold - Average Cost Average #of units Cost of sold Cost per Goods Sold Unit Cost of Goods Available for Sale # of units Ending Inventory - Average Cost # of units Average Ending Cost per In ending Inventory Inventory unit 380 $25.00 $ 9.000 Beginning inventory Purchases: January 8 January 19 Total 180 $28.00 360 $ 30.00 900 5,040 10,800 24,840 $ $ 0 $
