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 perpetual inventory 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method. Sale Cost of Goods Available for Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 Inventory Balance Perpetual FIFO # of Cost per units unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods # of units Cost per sold Cost of Goods unit Sold Sold # of units in ending inventory Cost per unit Ending Inventory Beg. Inventory Purchases: January 8 January 19 240 $25.00 $ 6,000 240 $ 25.00 $ 6,000 $ 25.00 $ 0 $ 25.00 $ 0 120 28.00 240 30.00 3,360 0 28.00 0 28.00 0 28.00 0 7,200 0: 30.00 0 30.00 0 30.00 0 Total 600 $ 16,560 240 $ 6,000 0 $ 0 0 $ 0 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 perpetual inventory 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method. Sale Cost of Goods Available for Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 Inventory Balance Perpetual FIFO # of Cost per units unit Cost of Goods Available for # of units Cost per unit Cost of Goods # of units sold Cost per unit Cost of Goods # of units sold Sold Sold in ending inventory Cost per unit Ending Inventory Sale Beg. Inventory 240 $ 25.00 $ 6,000 240 $ 25.00 $ 6,000 $ 25.00 $ 0 $ 25.00 $ 0 Purchases: January 8 120 28.00 3,360 0 28.00 0 28.00 0 28.00 0 January 19 240 30.00 7,200 0: 30.00 0 30.00 0 30.00 0 Total 600 $ 16,560 240 $ 6,000 0 $ 0 0 $ 0