Refer to the situation described in BE 8–12. SAM uses a periodic inventory system. Calculate ending inventory and cost of goods sold for January using (1) FIFO and (2) average cost.

Data from in BE 8-12

Salt and Mineral (SAM) began 2024 with 200 units of its one product. These units were purchased near the end  of 2023 for $25 each. During the month of January, 100 units were purchased on January 8 for  $28 each and another 200 units were purchased on January 19 for $30 each. Sales of 125 units and 100 units  were made on January 10 and January 25, respectively. There were 275 units on hand at the end of the month.  SAM uses a perpetual inventory system. Calculate ending inventory and cost of goods sold for January using (1)  FIFO and (2) average cost.