1.

Samuelson and Messenger (S&M) began 2013 with 320 units of its one product. These units were purchased near the end of 2012 for $24 each. During the month of January, 160 units were purchased on January 8 for $27 each and another 320 units were purchased on January 19 for $29 each. Sales of 215 units and 180 units were made on January 10 and January 25, respectively. There were 405 units on hand at the end of the month. S&M uses a perpetual inventory system.

2.

Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method Cost of Goods Available for Cost of Goods Sold - January Cost of Goods Sold - January 25 Inventory Balance Sale 10 Cost of Goods #of Cost per Goods units sold Perpetual FIFO: #of units sold Cost of | # of units Goodsin ending inventory Cost of Ending Inventory #of Cost Cost per unit Cost per E units per unit Available unit unit Sold Sold for Sale Beg. Inventory Purchases January 8 January 19 Total 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.) Inventory on hand Cost of Goods Sold #of units sold Perpetual Average Cost per unit Inventory Value Cost of Goods Sold Avg.cost per # of units unit Beginning Inventory Purchase - January 8 Subtotal Average Cost Sale - January 1 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale January 25 Total