Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system [LO8-4]

Samuelson and Messenger (SAM) began 2021 with 210 units of its one product. These units were purchased near the end of 2020 for $20 each. During the month of January, 105 units were purchased on January 8 for $23 each and another 210 units were purchased on January 19 for $25 each. Sales of 140 units and 110 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 periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO. 2. Calculate ending inventory and cost of goods sold for January using average cost.

Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system [LO8-4] Samuelson and Messenger (SAM) began 2021 with 210 units of its one product. These units were purchased near the end of 2020 for $20 each. During the month of January, 105 units were purchased on January 8 for $23 each and another 210 units were purchased on January 19 for $25 each. Sales of 140 units and 110 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 periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO. 2. Calculate ending inventory and cost of goods sold for January using average cost. Complete this question by entering your answers in the tabs below. Calculate ending inventory and cost of goods sold for January using FIFO. Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system [LO8-4] Samuelson and Messenger (SAM) began 2021 with 210 units of its one product. These units were purchased near the end of 2020 for $20 each. During the month of January, 105 units were purchased on January 8 for $23 each and another 210 units were purchased on January 19 for $25 each. Sales of 140 units and 110 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 periodic inventory system. Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO. 2. Calculate ending inventory and cost of goods sold for January using average cost. Complete this question by entering your answers in the tabs below