Samuelson and Messenger (SAM) began 2021 with 360 units of its one product. These units were purchased near the end of 2020 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 Jan 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. SAM uses a periodic inventory system. 1. Calculate ending inventory and cost of goods sold for January using FIFO. Average Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Cost # of units Cost / unit COGS Avail #units Cost/Un COGS #Units Cost/unit End Inventory Beginning Iny 360 $25 $9,000 ? 25 0 25 Purchases: January 8 180 $28 $5,040 ? 28 ? 28 January 19 360 $30 10,800 0 30 ? 30 Total 900 24,840 2. Calculate ending inventory and cost of goods sold for January using average cost. Ending Inventory - Average Cost #Units Cost/unit End Inventory Average Cost of Goods Available for Sale COGS - Average Cost Cost # of units Cost / unit COGS Avail #units sold Cost/Unit COGS Beginning Iny 360 $25 $9,000 Purchases: January 8 180 $28 $5,040 January 19 360 $30 10,800 Total 900 24,840 400 500