Samuelson and Messenger (S&M) began 2018 with 270 units of its one product. These units were purchased near the end of 2017 for $24 each.
Samuelson and Messenger (S&M) began 2018 with 270 units of its one product. These units were purchased near the end of 2017 for
$24 each. During the month ofJanuary, 135 units were purchased on January 8 for $27 each and another 270 units were purchased
on January 19 for $29 each. Sales of 130 units and 170 units were made on January 10 and January 25, respectively. There were 375
units on hand at the end of the month. S&M uses a perpetua/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 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.)