Samuelson and Messenger (S&M) began 2013 with 360 units of its one product. Thes

Question

Samuelson and Messenger (S&M) began 2013 with 360 units of its one product. These units were purchased near the end of 2012 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. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost method. (Round your cost per unit to 2 decimal places and other answers to nearest whole number. Enter inventory reductions from sales as negative numbers.)

Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method ost o Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 Inventory Balance Sale Cost of Cost of Goods | # of units | in ending Perpetual FIF #of Cost per! Goods Cost of #of Cost per Goods units unit Available for | # of units sold Cost per unit Cost per | Ending Inventory units unit unit sold Sold Sold inventory Sale Beg. Inventory 0.00 $ 0.00 $ 0.00 $ Purchases January 8 January 19 0.00 0.00 0.00 0.00 0.00 0.00 Total

Explanation / Answer

Samuelson and Messenger All Amounts in $ Calculation of Cost of Goods Sold and Closing Inventory - Method Wise Using FIFO - Cost of Goods Sold and Average Inventory Using Average Cost - Cost of Goods Sold and Average Inventory Date Particulars Qty Rate/unit Amount $ Date Particulars Qty Rate/unit Amount $ 01-Jan Opening Inventory 360 25 9000 01-Jan Opening Inventory 360 25 9000 08-Jan Purchase 180 28 5040 08-Jan Purchase 180 28 5040 10-Jan Cost of Goods Sold -140 28 -3920 540 26 14040 19-Jan Purchase 360 30 10800 10-Jan Cost of Goods Sold -140 26 -3640 25-Jan Cost of Goods Sold -260 30 -7800 19-Jan Purchase 360 30 10800 760 27.89474 21200 31-Jan Closing Inventory 100 30 3000 25-Jan Cost of Goods Sold -260 27.89474 -7252.63 31-Jan Closing Inventory 40 28 1120 31-Jan Closing Inventory 500 27.89474 13947.37 31-Jan Closing Inventory 360 25 9000 Cost of Goods Sold 400 11720 Cost of Goods Sold 400 10893 Closing Inventory 500 13120 Closing Inventory 500 13947

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.