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Item $21$

Salt and Mineral $($SAM$)$ began $2024$ with $250$ units of its one product. These units were purchased near the end of $2023$ for $$24$ each. During the month of January, $125$ units were purchased on January $8$ for $$27$ each and another $250$ units were purchased on January $19$ for $$29$ each. Sales of $170$ units and $130$ units were made on January $10$ and January $25,$ respectively. There were $325$ units on hand at the end of the month. SAM uses a perpetual inventory system.

Required:

Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO.

Complete the below table to calculate ending inventory and cost of goods sold for January using average cost. Salt and Mineral $($SAM$)$ began $2024$ with $250$ units of its one product. These units were purchased near the end of $2023$ for $\backslash (\backslash$$ $24\backslash )$ each. During the month of January, $125$ units were purchased on January $8$ for $\backslash (\backslash$$ $27\backslash )$ each and another $250$ units were purchased on January $19$ for $\backslash (\backslash$$ $29\backslash )$ each. Sales of $170$ units and $130$ units were made on January $10$ and January $25,$ respectively. There were $325$ 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 answers in the tabs below.

Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Salt and Mineral $($SAM$)$ began $2024$ with $250$ units of its one product. These units were purchased near the end of $2023$ for $\backslash (\backslash$$ $24\backslash )$ each. During the month of January, $125$ units were purchased on January $8$ for $\backslash (\backslash$$ $27\backslash )$ each and another $250$ units were purchased on January $19$ for $\backslash (\backslash$$ $29\backslash )$ each. Sales of $170$ units and $130$ units were made on January $10$ and January $25,$ respectively. There were $325$ 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 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

Note: Round cost per unit to $2$ decimal places. Enter inventory reductions from sales as negative numbers.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multirow$[$b$]\{2\}\{*\}\{$Perpetual Average$\}$ & $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Inventory on hand$\}$ & $\backslash$multicolumn$\{5\}\{|$c$|\}\{$Cost of Goods Sold$\}\backslash \backslash$

$\backslash$hline & Number of units & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Cost per unit$\}$ & $\backslash$multicolumn$\{2\}\{|$r$|\}\{$Inventory Value$\}$ & Number of units sold & & per & & $\backslash \backslash$

$\backslash$hline Beginning Inventory & $250$ & $\backslash$$ & $24\mathrm{.}00$ & $\backslash$$ & $6,000$ & & & & & $\backslash \backslash$

$\backslash$hline Purchase $-$ January $8$ & $125$ & & $27\mathrm{.}00$ & & $3,375$ & & & & & $\backslash \backslash$

$\backslash$hline Subtotal Average Cost & $375$ & & & & $9,375$ & & & & & $\backslash \backslash$

$\backslash$hline Sale $-$ January $10$ & $(170)$ & & & & $0$ & $170$ & $\backslash$$ & $0\mathrm{.}00$ & $\backslash$$ & $0\backslash \backslash$

$\backslash$hline Subtotal Average Cost & $205$ & & & & $9,375$ & & & & & $\backslash \backslash$

$\backslash$hline Purchase $-$ January $19$ & $250$ & & $29\mathrm{.}00$ & & $7,250$ & & & & & $\backslash \backslash$

$\backslash$hline Subtotal Average Cost & $455$ & & & & $16,625$ & & & & & $\backslash \backslash$

$\backslash$hline Sale $-$ January $25$ & $(130)$ & & & & $0$ & $130$ & & $0\mathrm{.}00$ & & $0\backslash \backslash$

$\backslash$hline Total & $325$ & & & $\backslash$$ & $16,625$ & $300$ & & & $\backslash$$ & $0\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$