Question: Check my work Brief Exercise 8-6 (Algo) Inventory cost flow methods; perpetual system (LO8-4] Samuelson and Messenger (SAM) began 2021 with 330 units of its

 Check my work Brief Exercise 8-6 (Algo) Inventory cost flow methods;

Check my work Brief Exercise 8-6 (Algo) Inventory cost flow methods; perpetual system (LO8-4] Samuelson and Messenger (SAM) began 2021 with 330 units of its one product. These units were purchased near the end of 2020 for $20 each. During the month of January, 165 units were purchased on January 8 for $23 each and another 330 units were purchased on January 19 for $25 each. Sales of 170 units and 200 units were made on January 10 and January 25, respectively. There were 455 units on hand at the end of the month. SAM uses a perpetual inventory system, Required: 1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. 2. Complete the below table to 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 Complete the below table to calculate ending Inventory and cost of goods sold for January using FIFO. Cost of Goods Avallable for Sale Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 Inventory Balance Perpetual FIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold of units in ending inventory En Cost per unit Invi 330 $ Beg Inventory Purchases 20.00 $ 6,600 $ $ 20.00 s 0 S 20.00 $ 0 S 20.00 S

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!