Samuelson and Messenger (SAM) began 2021 with 250 units of its one product. These units were...
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Samuelson and Messenger (SAM) began 2021 with 250 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 125 units were purchased on January 8 for $28 each and another 225 units were purchased on January 19 for $30 each. Sales of 180 units and 150 units were made on January 10 and January 25, respectively. There were 270 units on hand at the end of the month. SAM uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost Complete this question by entering your age in 1 02:57:29 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 (Round cost per unit t decimal places. Enter inventory reductions from sales as negative numbers.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per # of units unit Inventory Value # of units sold Avg. Cost per unit Cost of Goods Sold Beginning Inventory Purchase January 8 Subtotal Average Cost $ 0 0 0 0 0 Sale January 10 Subtotal Average Cost Purchase January 19 Subtotal Average Cost 0 0 0 0 0 Sale January 25 Total $ 0 10 S 0 0 Samuelson and Messenger (SAM) began 2021 with 250 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 125 units were purchased on January 8 for $28 each and another 225 units were purchased on January 19 for $30 each. Sales of 180 units and 150 units were made on January 10 and January 25, respectively. There were 270 units on hand at the end of the month. SAM uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost Complete this question by entering your age in 1 02:57:29 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 (Round cost per unit t decimal places. Enter inventory reductions from sales as negative numbers.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per # of units unit Inventory Value # of units sold Avg. Cost per unit Cost of Goods Sold Beginning Inventory Purchase January 8 Subtotal Average Cost $ 0 0 0 0 0 Sale January 10 Subtotal Average Cost Purchase January 19 Subtotal Average Cost 0 0 0 0 0 Sale January 25 Total $ 0 10 S 0 0
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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