Brief Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-4] Salt and Mineral (SAM) began 2024 with 340 units of its one product. These units were purchased near the end of 2023 for $22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January 19 for $27 each. Sales of 185 units and 240 units were made on January 10 and January 25, respectively. There were 425 units on hand at the end of the month. SAM 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. Cost of Goods Available for Sale FIFO Beginning Inventory Number of units Cost per unit 340 $ 22.00 $ Cost of Goods Available for Sale 7,400 Cost of Goods Sold-Periodic FIFO Cost of Goods Sold Number of units sold Cost per unit 22 00 S Ending Inventory-Periodic FIFO Number of units in Cost per ending unit inventory S 22.00 Ending Inventory
Brief Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-4] Salt and Mineral (SAM) began 2024 with 340 units of its one product. These units were purchased near the end of 2023 for $22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January 19 for $27 each. Sales of 185 units and 240 units were made on January 10 and January 25, respectively. There were 425 units on hand at the end of the month. SAM 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. Cost of Goods Available for Sale FIFO Beginning Inventory Number of units Cost per unit 340 $ 22.00 $ Cost of Goods Available for Sale 7,400 Cost of Goods Sold-Periodic FIFO Cost of Goods Sold Number of units sold Cost per unit 22 00 S Ending Inventory-Periodic FIFO Number of units in Cost per ending unit inventory S 22.00 Ending Inventory
Chapter1: Financial Statements And Business Decisions
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![Brief Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-4]
Salt and Mineral (SAM) began 2024 with 340 units of its one product. These units were purchased near the end of 2023 for $22 each.
During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January
19 for $27 each. Sales of 185 units and 240 units were made on January 10 and January 25, respectively. There were 425 units on
hand at the end of the month. SAM 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.
Cost of Goods Available for Sale
FIFO
Beginning Inventory
Number of
units
Cost per
unit
340 S
22.00 S
Cost of Goods
Available for Sale
7.400
< Prov
Cost of Goods Sold-Periodic FIFO
Cost of
Goods
Sold
22.00 $
Number of Cost per
units sold
unit
7 of 11
Next >
Ending Inventory-Periodic FIFO
Number of
units in
ending
inventory
Cost per
unit
Ending
Inventory
S 22.00 S](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa98dca88-e5b5-4363-bbd2-864fb58179d3%2F31803650-8f31-4dc9-ba92-b165d50aec7e%2Fbelsw6a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brief Exercise 8-13 (Algo) Inventory cost flow methods; periodic system [LO8-4]
Salt and Mineral (SAM) began 2024 with 340 units of its one product. These units were purchased near the end of 2023 for $22 each.
During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January
19 for $27 each. Sales of 185 units and 240 units were made on January 10 and January 25, respectively. There were 425 units on
hand at the end of the month. SAM 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.
Cost of Goods Available for Sale
FIFO
Beginning Inventory
Number of
units
Cost per
unit
340 S
22.00 S
Cost of Goods
Available for Sale
7.400
< Prov
Cost of Goods Sold-Periodic FIFO
Cost of
Goods
Sold
22.00 $
Number of Cost per
units sold
unit
7 of 11
Next >
Ending Inventory-Periodic FIFO
Number of
units in
ending
inventory
Cost per
unit
Ending
Inventory
S 22.00 S
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