Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system [LO8-4] 8 Samuelson and Messenger (SAM) began 2021 with 220 units of its one product. These units were purchased near the end of 2020 for $22 each. During the month of January, 110 units were purchased on January 8 for $25 each and another 220 units were purchased on January 19 for $27 each. Sales of 130 units and 120 units were made on January 10 and January 25, respectively. There were 300 units on hand at the end of the month. SAM uses a periodic inventory system. Required: 00:46:17 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. erences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods # of units Cost per # of units # of units Cost per Cost of Cost per Ending unit Available for Sale sold unit Goods in ending Sold unit inventory Inventory Beginning Inventory 220 S 22 00 $ 4,840 2200 $ 0 $ 22.00 $ 0 Purchases January 8 110 25 00 2,750 25 00 25.00 January 19 220 27 00 5,940 27 00 O 27 00 Total 550 S 13.530 0 $ 0 0 $ 0