Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 180 units were purchased on January 8 for $28 each and another 360 units were purchased on January 19 for $30 each. Sales of 140 units and 260 units were made on January 10 and January 25, respectively. There were 500 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. Answer is not complete. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Number FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units Cost per unit Cost of of units Goods sold Sold in ending Cost per unit Ending Inventory inventory Beginning Inventory 360 $ 25.00 $ 9,000 25.00 $ 0 $ 25.00 $ 0 Purchases: January 8 180 28.00 5,040 28.00 0 140 28.00 3,920 January 19 360 30.00 10,800 30.00 0 30.00 0 Total 900 $ 24,840 0 $ 140 $ 3,920
Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 180 units were purchased on January 8 for $28 each and another 360 units were purchased on January 19 for $30 each. Sales of 140 units and 260 units were made on January 10 and January 25, respectively. There were 500 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. Answer is not complete. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Number FIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units Cost per unit Cost of of units Goods sold Sold in ending Cost per unit Ending Inventory inventory Beginning Inventory 360 $ 25.00 $ 9,000 25.00 $ 0 $ 25.00 $ 0 Purchases: January 8 180 28.00 5,040 28.00 0 140 28.00 3,920 January 19 360 30.00 10,800 30.00 0 30.00 0 Total 900 $ 24,840 0 $ 140 $ 3,920
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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h4
Transcribed Image Text:Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near the end of 2023 for $25 each.
During the month of January, 180 units were purchased on January 8 for $28 each and another 360 units were purchased on January
19 for $30 each. Sales of 140 units and 260 units were made on January 10 and January 25, respectively. There were 500 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.
Answer is not complete.
Cost of Goods Available for Sale
Cost of Goods Sold - Periodic
FIFO
Ending Inventory - Periodic FIFO
Number
FIFO
Number of
units
Cost per
unit
Cost of Goods
Available for Sale
Number
of units
Cost per
unit
Cost of
Goods
of units
sold
Sold
in ending
inventory
Cost per
unit
Ending
Inventory
Beginning Inventory
360
$ 25.00
$
9,000
25.00
$
0
$ 25.00
$
0
Purchases:
January 8
180
28.00
5,040
28.00
0
140
28.00
3,920
January 19
360
30.00
10,800
30.00
0
30.00
0
Total
900
$
24,840
0
$
140
$
3,920
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