Samuelson and Messenger (S&M) began 2018 with 270 units of its one product. These units were purchased near the end of 2017 for $24 each. During the month of January, 135 units were purchased on January 8 for $27 each and another 270 units were purchased on January 19 for $29 each. Sales of 130 units and 170 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. 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.

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	270	$24.00	$6,480	130	24.00	$3,120	105	$24.00	$2,520
Purchases:
January 8	135	27.00	3,645	140	27.00	3,780	270	27.00	7,290
January 19	270	29.00	7,830	30	29.00	870	0	29.00	0
Total	675		$17,955	300		$7,770	375		$9,810

Complete this question by entering your answers in the tabs below.

Calculate ending inventory and cost of goods sold for January using average cost. (Round average cost per unit to 2 decimal places.)

Average Cost	Cost of Goods Available for Sale			Cost of Goods Sold - Average Cost			Ending Inventory - Average Cost
	# of units	Average Cost per unit	Cost of Goods Available for Sale	# of units sold	Average Cost per Unit	Cost of Goods Sold	# of units in ending inventory	Average Cost per unit	Ending Inventory
Beginning Inventory	270	$24.00	$6,480
Purchases:
January 8	135	$27.00	3,645
January 19	270	$29.00	7,830
Total	675	$26.67	$17,955	300	$25.99	$7,797	375	$26.67	$10,001