Samuelson and Messenger (SAM) began 2021 with 340 units of its one product. These units were purchased near the end of 2020 for$22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchasedon January 19 for $27 each. Sales of 185 units and 210 units were made on January 10 and January 25, respectively. There were 455units 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 2Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO.Perpetual FIFOBeg. InventoryPurchases:January 8January 19TotalCost of Goods Available for Sale# of unitsCost perunit170340850340 S 22.00 $Cost of GoodsAvailable for Sale25.0027.00$7,4804,2509,18020,910Cost of Goods Sold - January 10Cost ofGoodsSold$4,070# of units Cost persoldunit185 $ 22.0022.000018525.0027.0000$ 4,070< Required 1Cost of Goods Sold - January 25# of units sold340 $55395Cost ofGoodsSold22.00 $ 7,480Cost perunit25.0027.00Required 2 >1,3750$ 8,855Inventory Balance# of units inendinginventory0Cost per Endingunit Inventory$ 22.00 $25.0027.00$0000 Samuelson and Messenger (SAM) began 2021 with 340 units of its one product. These units were purchased near the end of 2020 for$22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchasedon January 19 for $27 each. Sales of 185 units and 210 units were made on January 10 and January 25, respectively. There were 455units 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 2Complete the below table to calculate ending inventory and cost of goods sold for January using average cost (Round cost per unit to 2decimal places. Enter inventory reductions from sales as negative numbers.)Perpetual AverageBeginning InventoryPurchase - January 8Subtotal Average CostSale - January 10Subtotal Average CostPurchase - January 19Subtotal Average CostSale - January 25Total# of unitsInventory on handCost perunit0000InventoryValue$$< Required 100000000# of unitssoldCost of Goods SoldAvg. Cost perunit0Required 2 >Cost ofGoods SoldS

Samuelson and Messenger (SAM) began 2021 with 340 units of its one product. These units were purchased near the end of 2020 for $22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January 19 for $27 each. Sales of 185 units and 210 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: 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.

Samuelson and Messenger (SAM) began 2021 with 340 units of its one product. These units were purchased near the end of 2020 for $22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January 19 for $27 each. Sales of 185 units and 210 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: 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.

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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