Samuelson and Messenger (S&M) began 2016 with 300 units of its one product. These units were purchased near the end of 2015 for $25 each. During the month of January, 150 units were purchased on January 8 for $28 each and another 300 units were purchased on January 19 for $30 each. Sales of 155 units and 220 units were made on January 10 and January 25, respectively. There were 375 units on hand at the end of the month. S&M uses a periodic inventory system. Required 1. Calculate ending inventory and cost of goods sold for January using FIFO Cost of Goods Available for Sale Cost of Goods Sold Periodic FIFO Ending Inventory Periodic FlFo Cost of cost per Ending Goods of ending unit inventory Sold in inventory of units cost per Available for of units cost per sold unit FIFO Sale 300 5 25.00 5 7,500 25.00 0 S 25.00 0 Beginning Inventory Purchases: 150 28.00 4,200 28.00 0 5 140 28.00 January 8 300 300.00 9,000 30.00 0 30.00 0 January 19 S 140 750 20,700 Total