Samuelson and Messenger (S&M;) began 2018 with 360 units of its one product. The

Question

Samuelson and Messenger (S&M;) began 2018 with 360 units of its one product. These units were purchased near the end of 2017 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. S&M; uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method 2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost method. Complete this question by entering your answers in the tabs below Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method. Cost of Goods Available for Sale Inventory Balance Cost of Goods Sold -January 10 Cost of Goods Sold - January 25 It nits | Cost per | Goods |#osoldt unit Perpetual EQ Cost of Cost of | # of units | Cost per | Ending #of Cost of #of Cost per | Goods Cost per Goods sold |# of units l cost per | | in ending! Goods Goods |inventory unit- | Inventory units unit Available forsole sold unit Sold Sold inventory Sale 360 $ 25.00 9,000140 2500 3,500 Beg Inventory Purchases 220 $ 2500S 5,500 140 25.00 3,500 January 8 180 28 00 5040 January 19 28 00 30 00 28 00 30.00 28.00 .5003000 220 10,800 Total 900 24,840 140 S 5.500 140 S 3,500 Required 2>

Explanation / Answer

Notes:

Average unit Cost= Total cost of inventory/ Total number of units

Since table for 2nd requirement is not visible. Please arrange it accordingly

Calculation of inventory and Cost of goods sold FIFO method Perpetual FIFO Cost of goods Available for sale Cost of goods sold -January 10 Cost of goods sold -January 25 Inventory Balance No of units Cost per unit Cost of goods avaibale for sale No of units Cost per unit Cost of goods avaibale for sale No of units Cost per unit Cost of goods avaibale for sale No of units Cost per unit Cost of goods avaibale for sale Beg Inventory 360 $25 $9,000 140 $25 $3,500 220 $25 $5,500 140 $28 $3,920 Purchases 40 $28 $1,120 360 $30 $10,800 8-Jan 180 28 $5,040 19-Jan 360 30 $10,800 Total 900 24840 140 3500 260 6620 500 14720 Calculation of inventory and Cost of goods sold Average Cost method Purchases Cost of Goods sold Inventory Date Quantity Unit Cost ($) Total Cost ($) Quantity Unit Cost ($) Total Cost ($) Quantity Unit Cost ($) Total Cost ($) Beg Inventory 360 $25 $9,000 360 $25 $9,000 8-Jan 180 28 $5,040 360 $25 $9,000 180 28 $5,040 540 $26 $14,040 10-Jan 140 $26 $3,640 400 $26 $10,400 19-Jan 360 30 10800 400 $26 $10,400 360 30 10800 760 27.89 $21,200 260 27.89 7251.4 500 27.89 13945

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