Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Number of units Unit Cost Cost of Goods Available for Sale Number of units sold Average Cost per Unit Cost of Goods Sold Number of units in ending inventory Average Cost per unit Ending Inventory 210 $20.00 $ 4,200 Beginning Inventory Purchases: January 8 January 19 Total 105 $23.00 2,415 210 $25.00 5,250 525 $ 11,865 < Required 1 Required 2 $ 0 $ 0 Salt and Mineral (SAM) began 2024 with 210 units of its one product. These units were purchased near the end of 2023 for $20 each. During the month of January, 105 units were purchased on January 8 for $23 earn and another 210 units were purchased on January 19 for $25 each Sales of 140 units and 110 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate ending inventory and cost of goods sold for January using FIFO. Cost of Goods Available for Sale Cost of Goods Sold Frodo FIFO Number of Costper Cost of Goods Available for Sale Number of old Cast par Cost of Goods 2105 20:00 S #200 20:00 S Beginning inventory Purchases January B 105 23.00 2.415 23.00 January 10 210 25:00 5:250 25.00 525 $ 11.865 $ Required 2 > Exing Inventory Fsmodio FIFO Number of anding inventory Cost per unit Ending Inventory $ 20:00 S 0 22.00 2500 $ प्र

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 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. 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. Perpetual FIFO Beg. Inventory Purchases: January 8 January 19 Total Cost of Goods Available for Sale # of units Cost…

Samuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 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.

Salt and Mineral (SAM) began 2024 with 320 units of its one product. These units were purchased near the end of 2023 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. 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. Answer is not complete. Cost of Goods Available for Sale Cost of Goods Sold - January 10 Cost of Goods Sold - January 25…

Samuelson and Messenger (SAM) began 2021 with 340 units of its one product. These units were purchased near the end of 2020 for $22 each. During the month of January, 170 units were purchased on January 8 for $25 each and another 340 units were purchased on January 19 for $27 each. Sales of 185 units and 210 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. Perpetual FIFO Beg. Inventory Purchases: January 8 January 19 Total Cost of Goods Available for Sale # of units Cost…

At the beginning of the year, Delight Company had 100 units in its inventory at $50 each. On January 17, the company purchased 100 units for $60 each and at the end of the month sold 150 units for $95 each. During March, the company made two purchases of 200 units and 300 units for $70 and $80 each respectively. In the month of April, the company sold 450 units for $ 105 each. If the company is applying averaging, what would be the amount of gross profit for the period through April?

Pacific Company starts the year with a beginning inventory of 3,700 units at $5 per unit. The company purchases 5,700 units at $4 each in February and 2,700 units at $6 each in March. Pacific sells 1,300 units during this quarter. Pacific has a perpetual inventory system and uses the FIFO inventory costing method. What is the cost of goods sold for the quarter?

Air Force Surplus began July 2018 with 100 stoves that cost $10 each. During the month, the company made the following purchases at cost: (Click the icon to view the purchases.) The company sold 300 stoves, and at July 31, the ending inventory consisted of 70 stoves. The sales price of each stove was $48. Read the requirements. Requirement 1. Determine the cost of goods sold and ending inventory amounts for July under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. Number of units Average cost Cost of goods sold Ending inventory Requirements 1. Determine the cost of goods sold and ending inventory amounts for July under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. 2. Explain why cost of goods sold is highest under LIFO. Be specific. 3. Prepare the Air Force Surplus…

amuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 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 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.

Monroe Company had a beginning inventory of 350 cans of paint at $12 each on January 1 at a cost of $4,200. During the year, the following purchases were made: February 15 :   280 cans at $14.00 April 30 :         110 cans at $14.50 July 1 :             100 cans at $15.00 Monroe marks up its goods at 40% on cost. At the end of the year, ending inventory showed 105 units remaining. Calculate the amount of sales assuming a FIFO flow of inventory.