Salt and Mineral (SAM) began 2024 with 200 units of its one product. These units were...

 

 

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Salt and Mineral (SAM) began 2024 with 200 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased on January 19 for $30 each. Sales of 125 units and 100 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Cost of Goods Sold- Periodic FIFO Sale Ending Inventory - Periodic FIFO FIFO Cost Number Cost of Goods Number Cost Cost Number of of units Cost per of units Available unit of units per sold Goods per in ending for Sale unit unit Ending Inventory Sold inventory Beginning 200 $ 5.000 125X Inventory 25.00 25.00 $3,125 75 $ 1,875 25.00 Purchases: January 8 100 28.00 2.800 January 19 200 30.00 6,000 75X 28.00 25 30.00 2,100 700X 28.00 19,600 750 X 30.00 0 Total 500 13.800 225 $5,975 775 21,475 Salt and Mineral (SAM) began 2024 with 200 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased on January 19 for $30 each. Seles of 125 units and 100 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Calculate ending inventory and cost of goods sold for January using average cost. Note: Round cost per unit to 2 decimal places. Cost of Goods Available for Cost of Goods Sold - Average Sale Cost Average Cost Cost of Number of units Unit Number Goods Average Cost Available of units for Sale soldi Cost per Unit Cost of Goods Sold $ 200 is 5,000 25.00 Ending Inventory-Average Cost Number of units in ending Inventory Average Cost per unit Ending Inventory Beginning Inventory Purchases: January 8 100 2,800 28.00 January 19 200 6,000 30.00 Total 500 $ 13,800 125 0 3,125 2,575.00 8.046.875 Salt and Mineral (SAM) began 2024 with 200 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased on January 19 for $30 each. Sales of 125 units and 100 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Cost of Goods Sold- Periodic FIFO Sale Ending Inventory - Periodic FIFO FIFO Cost Number Cost of Goods Number Cost Cost Number of of units Cost per of units Available unit of units per sold Goods per in ending for Sale unit unit Ending Inventory Sold inventory Beginning 200 $ 5.000 125X Inventory 25.00 25.00 $3,125 75 $ 1,875 25.00 Purchases: January 8 100 28.00 2.800 January 19 200 30.00 6,000 75X 28.00 25 30.00 2,100 700X 28.00 19,600 750 X 30.00 0 Total 500 13.800 225 $5,975 775 21,475 Salt and Mineral (SAM) began 2024 with 200 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased on January 19 for $30 each. Seles of 125 units and 100 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Calculate ending inventory and cost of goods sold for January using average cost. Note: Round cost per unit to 2 decimal places. Cost of Goods Available for Cost of Goods Sold - Average Sale Cost Average Cost Cost of Number of units Unit Number Goods Average Cost Available of units for Sale soldi Cost per Unit Cost of Goods Sold $ 200 is 5,000 25.00 Ending Inventory-Average Cost Number of units in ending Inventory Average Cost per unit Ending Inventory Beginning Inventory Purchases: January 8 100 2,800 28.00 January 19 200 6,000 30.00 Total 500 $ 13,800 125 0 3,125 2,575.00 8.046.875