Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system (L08-4) Samuelson and Messenger (SAM) began 2021 with 250 units of its one product. These units were purchased near the end of 2020 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 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. 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 FIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory inventory S 24.00 $ S 0 Cost of Goods Sold S 0 unit 250 s S 24.00 S 6,000 24.00 Beginning Inventory Purchases January 8 125 27.00 3,375 27.00 0 0 27.00 0