11 Samuelson and Messenger (S&M) began 2018 with 240 units of its one product. These units were purchased near the end of 2017 for $25 each.

11 Samuelson and Messenger (S&M) began 2018 with 240 units of its one product. These units were purchased near the end of 2017 for
$25 each. During the month ofJanuary, 120 units were purchased on January 8 for $28 each and another 240 units were purchased
on January 19 for $30 each. Sales of150 units and 125 units were made on January 10 and January 25, respectively. There were 325
units on hand at the end of the month. S&M uses a periodic inventory system. Required:
1. Calculate ending inventory and cost of goods sold for January using FIFO.
2. 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 2 Calculate ending inventory and cost of goods sold for January using FIFO. Beginning inventory $ 25.00 $ 6,000 ————
January 19 Required 2 >

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