Samuelson and Messenger (S&M) began 2018 with 240 units of its one product. These units were purchased near the end of 2017 for $25 each. During the month of January, 120 units were purchased on January 8 for $28 each and another 240 units were purchased on January 19 for $30 each. Sales of 150 units and 125 units were made on January 10 and January 25, respectively. There were 325 units on hand at the end of the month. S&M uses a periodic inventory system. 1. Colculate 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. 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 FIFO EIFO Cost of Goods | # of units | Goods # of units Cost of | unit Goods Sold in ending # of units Cost per Available for Sale Cost per Cost per unit unit Inventory 240 $25.00$ Beginning Inventory Purchases 6,000 25.00 S 25.00 January 8 January 19 20 28.00 240 3000 600 3,360 .200 16,560 28.00 30.00 28.00 0.00 Total Calculate ending inventory and cost of goods sold for January using average cost. (Round average cost per unit to 2 decimal places.) t of Goods Available for Sale Cost of Goods Sold-Average Cost Ending Inventory-Average C # of units | Cost of Goods Axeragecos, Average Cost per Average Ending Cost ofin ending Costper Inventory 8 of units # of units | Unit Available forsold Cost | Goods Sold Beginning Inventory January 8 January 19 Total