Brief Exercise 8-7 Inventory cost flow methods; perpetual system [LO8-4] 0.83 points Samuelson and Messenger (S&M) began 2018 with 360 units of its one product. These units were purchased near the end of 2017 for $25 each. During the month of January, 180 units were purchased on January 8 for $28 each and another 360 units were purchased on January 19 for $30 each. Sales of 140 units and 260 units were made on January 10 and January 25, respectively. There were 500 units on hand at the end of the month. S&M uses a perpetual inventory system. Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method. 2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method. Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 Perpetual FIFO Cost of Goods Available for Sale Cost of # of Cost Goods units per Available unit for Sale 360125.00 $ 9,000 # of units Cost Cost of Goods Sold # of units sold Cost of Goods Sold Cost per unit Inventory Balance # of units in Cost Ending ending per unit Inventory inventory 0 $ 25.00 $ 0 per unit sold 140 $ 25.00 $ 3,500 220 $ 25.00 $ 5,500 Beg. Inventory Purchases: January 8 January 19 Total 0 40 180 360 900 28.00 30.00 5,040 10,800 24,840 28.00 30.00 28.00 1,120 30. 000 $ 6,620 140 360 500 28.00 30.00 3,920 10,800 14,720 $ 140 $ 3,500 260 $ Required 1 Required 2 > Samuelson and Messenger (S&M) began 2018 with 360 units of its one product. These units were purchased near the end of 2017 for $25 each. During the month of January, 180 units were purchased on January 8 for $28 each and another 360 units were purchased on January 19 for $30 each. Sales of 140 units and 260 units were made on January 10 and January 25, respectively. There were 500 units on hand at the end of the month. S&M uses a perpetual inventory system. 0.83 points Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method. 2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 Perpetual Average Cost per unit # of units sold Cost of Goods Sold Cost of Avg. Cost Goods per unit Sold # of units 360 180 Beginning Inventory Purchase - January $ Inventory Value $ 9,000 5,040 25.00 28.00 26.00 26.00 540 14,040 140 $ 26.00 $ 3,640 Subtotal Average Cost Sale - January 10 Subtotal Average Cost Purchase - January (140) 400 (3,640) 10,400 360 10,800 Subtotal Average Cost Sale - January 25 Total 760 (260) 30.00 27.89 27.89 21,200 (7,251) 13,949 260 27.89 7 .251 500 $ 400 $ 10,891