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Salt and Mineral (SAM) began 2024 with 300 units of its one product. These units were purchased near the end of 2023 for $22 each. During the month of January, 150 units were purchased on January 8 for $25 each and another 260 units were purchased on January 19 for $27 each. Sales of 135 units and 170 units were made on January 10 and January 25, respectively. There were 405 units on hand at the end of the month. SAM uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 2. Complete the below table to 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 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - January 10 Cost of Goods So Perpetual FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per Cost of Goods unit Number of units sold C Sold Beginning Inventory 300 22.00 $ 6,600 $ 22.00 $ 0 Purchases: January 8 150 25.00 3,750 25.00 0 January 19 260 27.00 7,020 27.00 0 Total 710 $ 17,370 0 $ 0 0 Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using average cost Note: Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers. Inventory on hand Perpetual Average Beginning Inventory Purchase - January 8 Subtotal Average Cost Sale January 10 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale January 25 Total Cost of Goods Sold Number of units Cost per unit Inventory Number of Average Cost per Value units sold unit Cost of Goods Sold $ 0 0 0 0 0 0 0 0 0 0 0 0 EA 0 0 $ 0 < Required 1 Required 2 >

Salt and Mineral (SAM) began 2024 with 300 units of its one product. These units were purchased near the end of 2023 for $22 each. During the month of January, 150 units were purchased on January 8 for $25 each and another 260 units were purchased on January 19 for $27 each. Sales of 135 units and 170 units were made on January 10 and January 25, respectively. There were 405 units on hand at the end of the month. SAM uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 2. Complete the below table to 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 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - January 10 Cost of Goods So Perpetual FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per Cost of Goods unit Number of units sold C Sold Beginning Inventory 300 22.00 $ 6,600 $ 22.00 $ 0 Purchases: January 8 150 25.00 3,750 25.00 0 January 19 260 27.00 7,020 27.00 0 Total 710 $ 17,370 0 $ 0 0 Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using average cost Note: Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers. Inventory on hand Perpetual Average Beginning Inventory Purchase - January 8 Subtotal Average Cost Sale January 10 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale January 25 Total Cost of Goods Sold Number of units Cost per unit Inventory Number of Average Cost per Value units sold unit Cost of Goods Sold $ 0 0 0 0 0 0 0 0 0 0 0 0 EA 0 0 $ 0 < Required 1 Required 2 >

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterC: Cases
Section: Chapter Questions
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Salt and Mineral (SAM) began 2024 with 300 units of its one product. These units were purchased near the end of 2023 for $22 each. During the month of January, 150 units were purchased on January 8 for $25 each and another 260 units were purchased on January 19 for $27 each. Sales of 135 units and 170 units were made on January 10 and January 25, respectively. There were 405 units on hand at the end of the month. SAM uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 2. Complete the below table to 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 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - January 10 Cost of Goods So Perpetual FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per Cost of Goods unit Number of units sold C Sold Beginning Inventory 300 22.00 $ 6,600 $ 22.00 $ 0 Purchases: January 8 150 25.00 3,750 25.00 0 January 19 260 27.00 7,020 27.00 0 Total 710 $ 17,370 0 $ 0 0
Transcribed Image Text:Salt and Mineral (SAM) began 2024 with 300 units of its one product. These units were purchased near the end of 2023 for $22 each. During the month of January, 150 units were purchased on January 8 for $25 each and another 260 units were purchased on January 19 for $27 each. Sales of 135 units and 170 units were made on January 10 and January 25, respectively. There were 405 units on hand at the end of the month. SAM uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 2. Complete the below table to 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 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - January 10 Cost of Goods So Perpetual FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per Cost of Goods unit Number of units sold C Sold Beginning Inventory 300 22.00 $ 6,600 $ 22.00 $ 0 Purchases: January 8 150 25.00 3,750 25.00 0 January 19 260 27.00 7,020 27.00 0 Total 710 $ 17,370 0 $ 0 0
Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using average cost Note: Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers. Inventory on hand Perpetual Average Beginning Inventory Purchase - January 8 Subtotal Average Cost Sale January 10 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale January 25 Total Cost of Goods Sold Number of units Cost per unit Inventory Number of Average Cost per Value units sold unit Cost of Goods Sold $ 0 0 0 0 0 0 0 0 0 0 0 0 EA 0 0 $ 0 < Required 1 Required 2 >
Transcribed Image Text:Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using average cost Note: Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers. Inventory on hand Perpetual Average Beginning Inventory Purchase - January 8 Subtotal Average Cost Sale January 10 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale January 25 Total Cost of Goods Sold Number of units Cost per unit Inventory Number of Average Cost per Value units sold unit Cost of Goods Sold $ 0 0 0 0 0 0 0 0 0 0 0 0 EA 0 0 $ 0 < Required 1 Required 2 >
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