Samuelson and Messenger (SAM) began 2021 with 320 units of its one product. These units were purchased near the end of 2020 for $24 each. During the month of January, 160 units were purchased on January 8 for $27 each and another 320 units were purchased on January 19 for $29 each. Sales of 215 units and 180 units were made on January 10 and January 25, respectively. There were 405 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.

Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - January 10 Cost of Goods Sold - January 25 Inventory Balance Perpetual FIFO Cost per unit Cost per Cost per Cost per # of units Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units sold Cost of Goods Sold unit # of units in ending inventory unit unit Ending Inventory 320 s 24.00 S 7.680 215 24.00 $ 5,160 180 $ 24.00 $ 4,320 160 $ 24.00 s 3,840 Beg. Inventory Purchases: January 8 January 19 Total 160 27.00 0 105 27.00 2,835 55 27.00 29.00 4,320 9,280 21,280 27.00 29.00 320 29.00 29.00 320 535 9,280 $ 14,440 320 605 9,280 $ 16,435 320 535 1,485 9,280 $ 14,605 800 s Required 1 Required 2 > Required 1 Required 2 Complete the below table to calculate ending inventory and cost of goods sold for January using average cost (Round cost per unit to 2 decimal places. Enter inventory reductions from sales as negative numbers.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per Inventory # of units Avg. Cost per # of units Cost of unit Value sold unit Goods Sold s 0 0 0 0 0 Beginning Inventory Purchase - January 8 Subtotal Average Cost Sale - January 10 Subtotal Average Cost Purchase - January 19 Subtotal Average Cost Sale - January 25 Total 0 0 0 0 0 0 0 0 0 S 0