Brief Exercise $8-12($Algo$)$ Inventory cost flow methods; perpetual system $[$LO$8-4]$

Salt and Mineral $($SAM$)$ began $2024$ with $250$ units of Its one product. These unlts were purchased near the end of $2023$ for $$20$ each.

Durlng the month of January, $125$ unlts were purchased on January $8$ for $$23$ each and another $250$ units were purchased on January

$19$ for $$25$ each. Sales of $200$ unlts and $150$ unlts were made on January $10$ and January $25,$ respectlvely. There were $275$ units on

hand at the end of the month. SAM uses a perpetual Inventory system.

Requlred:

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.

$$ Answer is complete but not entirely correct.

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 average cost

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