ml?_con%3Dcon&external_browser30&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/..hapter 8 homework iSavedHelpSave & ExitSubm2Check my workSamuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for$25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchasedon January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively. There were 275units on hand at the end of the month. SAM uses a periodic inventory system.ntsRequired:1. Calculate ending inventory and cost of goods sold for January using FIFO.2. Calculate ending inventory and cost of goods sold for January using average cost.SkippedComplete this question by entering your answers in the tabs below.еBookRequired 1Require 2PrintCalculate ending inventory and cost of goods sold for January using average cost. (Round cost per unit to 2 decimal places)ReferencesCost of Goods Available for SaleCost of Goods Sold - Average CostEnding Inventory -Average CostCost of GoodsAverageCost perUnit# of units inendinginventoryAverageCost perAverage CostUnit# of unitsCost ofEndingInventory# of unitsAvailable forCostsoldGoods SoldSaleunitBeginning Inventory200$ 25.00$5,000Purchases:January 8100$ 28.002,800January 19200$30.006,0005002$13,800$4Total< Required 1Required 2 >AcGrawHillducation< Prev2 of 9Next >%24%24...... &external_browser%3D0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-groupter 8 homework iSavedHelpSave & ExitSubCheck my worSamuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for$25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchasedon January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively. There were 275units on hand at the end of the month. SAM uses a periodic inventory system.Required:1. Calculate ending inventory and cost of goods sold for January using FIFO.2. Calculate ending inventory and cost of goods sold for January using average cost.opedComplete this question by entering your answers in the tabs below.ookRequired 1Required 2rintCalculate ending inventory and cost of goods sold for January using FIFO.rencesCost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory - Periodic FIFO# of unitsin endinginventoryFIFOCost of GoodsAvailable for SaleCost perCost perCost per# of unitssoldCost ofEndingInventory# of unitsunitunitGoods SoldunitBeginning Inventory200$ 25.002$5,0002$25.002$$25.002$Purchases:January 810028.002,80028.0028.00January 1920030.006,00030.0030.00Total50013,800< Requlred 1Required 2 >< Prev2 of 9Next >on%24%24%24

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Description: ml?_con%3Dcon&external_browser30&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/..hapter 8 homework iSavedHelpSave & ExitSubm2Check my workSamuelson and Messenger (SAM) began 2021 with 200 units of its one pro

The FIFO method and average cost of the method are used to calculate Ending inventory and cost of…

Answered: Required: 1. Calculate ending inventory…

Business

Accounting

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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