Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near the end of 2023 for $20 each. During the month of January, 180 units were purchased on January 8 for $23 each and another 360 units were purchased on January 19 for $25 each. Sales of 170 units and 270 units were made on January 10 and January 25, respectively. There were 460 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. Complete this question by entering your answers in the tabs below. Required 1 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Number of FIFO Cost of Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit units in Goods Cost per ending unit Ending Inventory Sold inventory + Beginning Inventory 360 $ 20.00 $ 7,200 20.00 $ 0 $ 20.00 $ Purchases: January 8 180 23.00 4,140 23.00 0 23.00 January 19 360 25.00 9,000 25.00 0 25.00 0 Total 900 $ 20,340 0 $ 0 0 $

Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near the end of 2023 for $20 each. During the month of January, 180 units were purchased on January 8 for $23 each and another 360 units were purchased on January 19 for $25 each. Sales of 170 units and 270 units were made on January 10 and January 25, respectively. There were 460 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. Complete this question by entering your answers in the tabs below. Required 1 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Number of FIFO Cost of Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit units in Goods Cost per ending unit Ending Inventory Sold inventory + Beginning Inventory 360 $ 20.00 $ 7,200 20.00 $ 0 $ 20.00 $ Purchases: January 8 180 23.00 4,140 23.00 0 23.00 January 19 360 25.00 9,000 25.00 0 25.00 0 Total 900 $ 20,340 0 $ 0 0 $

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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