Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Samuelson and Messenger (S&M) began 2018 with 400 units of its one product. These units were purchased near the end of 2017 for $25 each.
Samuelson and Messenger (S&M) began 2018 with 400 units of its one product. These units were purchased near the end of 2017 for $25 each. During the month of January, 200 units were purchased on January 8 for $28 each and another 250 units were purchased on January 19 for $30 each. Sales of 150 units and 290 units were made on January 10 and January 25, respectively. There were 410 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 Required1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method oods Available f Sale Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 Inventory Balance Cost of Goods units erpetual FIFO #of | Cost per | Goods # of Cost per units unit Available for Cost ot | # of units sold cost per unit Cost of Goods | # of units | in ending | Cost per Ending unit Sold Sold inventorynitInventory sold Sale S 0.00S S 0.00S S 0.00 S Beg. Inventory Purchases: January 8 January 19 0.00 0.00 0.00 0.00 0.00 0.00 Total Required 1 Required 2 > Required 1Require Complete the below table to calculate ending inventory and cost of goods sold for January using average cost method. (Round your cost per unit to 2 decimal places and other answers to nearest whole number. Enter inventory reductions from sales as negative numbers.) 0 9 Inventory on hand Cost of Goods Sold Perpetual Average Cost per unit | Inventory Value | # of units Avg. Cost per Cost of Goods Sold # of units sold unit Beginning Inventory Purchase January 8 Subtotal Average Cost Sale January 10 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale January 25 Total 0 Required 1 Required 2
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started