Samuelson and Messenger (S&M) began 2018 with 330 units of its one product. These units were purchased near the end of 2017 for $20 each. During the month of January, 165 units were purchased on January 8 for $23 each and another 330 units were purchased on January 19 for $25 each. Sales of 170 units and 200 units were made on January 10 and January 25, respectively. There were 455 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.

Perpetual FIFO

Cost of Goods Available for Sale

Cost of Goods Sold - January 10

Cost of Goods Sold - January 25

Inventory Balance

# of units

Cost per unit

Cost of Goods Available for Sale

# of units sold

Cost per unit

Cost of Goods Sold

# of units sold

Cost per unit

Cost of Goods Sold

# of units in ending inventory

Cost per unit

Ending Inventory

Beg. Inventory

Purchases:

January 8

January 19

Total

Perpetual Average	Inventory on hand			Cost of Goods Sold
	# of units	Cost per unit	Inventory Value	# of units sold	Avg. Cost per unit	Cost of Goods Sold
Beginning Inventory
Purchase - January 8
Subtotal Average Cost
Sale - January 10
Subtotal Average Cost
Purchase - January 19
Subtotal Average Cost
Sale - January 25
Total