Salt and Mineral (SAM) began 2024 with 330 units of its one product. These units were purchased near the end of 2023 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. SAM uses a perpetual inventory system. Required: Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Complete the table to calculate ending inventory and cost of goods sold for January.
Salt and Mineral (SAM) began 2024 with 330 units of its one product. These units were purchased near the end of 2023 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. SAM uses a perpetual inventory system. Required: Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Complete the table to calculate ending inventory and cost of goods sold for January.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Salt and Mineral (SAM) began 2024 with 330 units of its one product. These units were purchased near the end of 2023 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. SAM uses a perpetual inventory system. Required: Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Complete the table to calculate ending inventory and cost of goods sold for January.
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