Samuelson and Messenger (SAM) began 2018 with 200 units of its one product. These units were purchasednear the end of 2017 for $25 each. During the month of January, 100 units were purchased on January 8 for $28each and another 200 units were purchased on January 19 for $30 each. Sales of 125 units and 100 units weremade on January 10 and January 25, respectively. There were 275 units on hand at the end of the month. SAMuses a periodic inventory system. Calculate ending inventory and cost of goods sold for January using (1) FIFO,and (2) average cost.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Samuelson and Messenger (SAM) began 2018 with 200 units of its one product. These units were purchased
near the end of 2017 for $25 each. During the month of January, 100 units were purchased on January 8 for $28
each and another 200 units were purchased on January 19 for $30 each. Sales of 125 units and 100 units were
made on January 10 and January 25, respectively. There were 275 units on hand at the end of the month. SAM
uses a periodic inventory system. Calculate ending inventory and cost of goods sold for January using (1) FIFO,
and (2) average cost.

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