Samuelson and Messenger (S&M;) began 2016 with 360 units of its one product. The

Question

Samuelson and Messenger (S&M;) began 2016 with 360 units of its one product. These units were purchased near the end of 2015 for $25 each During the month of Janaay. 180 units were purchated on on January 19 for $30 each. Sales of 140 January 8 for $28 each and another 360 units were parchased units and 260 units were made on January 10 and January 25, respectively. There were 500 unis on hand at the end of the month. S&M; uses a penodic inventory system 1 Calculate ending inventory and cost of goods sold for January using FIFO Cost of Goods A for Sale Cost of Goods Sold -FP # of units | cost per Ending n ending anit Inventory EIFQ Cost of Goods of units Cost per Cost of 8 of units Cost per Available forsold per unit unit Goods Sold 0.00 S 0.00 Purchases 0.00 0.00 January 15 Total 2. Calculate ending inventory and cost of goods sold for January using average cost (Round cost per unit to 2 decimal places) #01 units AverageCost ofin ending Average Cost per Ending Cost of Goods | # of units Available forsold Average Cost per Goods Sold | inventory # of units sold Cost per Cost ofof Cost January 8 January 19 Total

Explanation / Answer

Cost of goods available for sale Cost of goods sold Ending inventory # of units Cost per unit Total # of units Cost per unit Total # of units Cost per unit Total Beg. Inv. 360 25 9000 360 25 9000 Purchases: 8-Jan 180 28 5040 40 28 1120 140 28 3920 19-Jan 360 30 10800 360 30 10800 Total 900 24840 400 10120 500 14720 Cost of goods available for sale Cost of goods sold Ending inventory # of units Cost per unit Total # of units Cost per unit Total # of units Cost per unit Total Beg. Inv. 360 25 9000 Purchases: 8-Jan 180 28 5040 19-Jan 360 30 10800 Total 900 24840 400 27.6 11040 500 27.6 13800

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