Samuelson and Messenger (S&M) began 2018 with 200 units of its one product. These units were purchased near the end of 2017 for $22 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased on January 19 for $30 each. Sales of 130 units and 130 units were made on January 10 and January 25, respectively. There were 240 units on hand at the end of the month. S&M uses aperpetualinventory system.

Required:

1.Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method.

2.Complete the below table to calculate ending inventory and cost of goods sold for January using average cost method.

• Required 1
• Required 2

Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method.

Perpetual FIFOCost of Goods Available for SaleCost of Goods Sold - January 10 Cost of Goods Sold - January 25 Inventory Balance# of unitsCost per unitCost of Goods Available for Sale# of units soldCost per unitCost of Goods Sold# of units soldCost per unitCost of Goods Sold# of units in ending inventoryCost per unitEnding InventoryBeg. Inventory200$

22.00$

4,400130$

22.00$

2,86070$

22.00$

1,540$

22.00$

0Purchases: January 810028.002,80028.00028.00028.000 January 1920030.006,00030.00030.00030.000Total500$

13,200130$

2,86070$

1,5400$

0