Salt and Mineral (SAM) began 2024 with 250 units of its one product. These units were purchased near the end of 2023 for $24 each. During the month of January, 125 units were purchased on January 8 for $27 each and another 250 units were purchased on January 19 for $29 each. Sales of 170 units and 130 units were made on January 10 and January 25, respectively. There were 325 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.
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- Salt and Mineral (SAM) began 2024 with 330 units of its one product. These units were purchased near the end of 2023 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: Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO. Complete the table to calculate ending inventory and cost of goods sold for January.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…
- 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.Samuelson and Messenger (SAM) began 2018 with 200 units of its one product. These units were purchasednear the end of 2017 for $25 each. During the month of January, 100 units were purchased on January 8 for $28each and another 200 units were purchased on January 19 for $30 each. Sales of 125 units and 100 units weremade on January 10 and January 25, respectively. There were 275 units on hand at the end of the month. SAMuses a periodic inventory system. Calculate ending inventory and cost of goods sold for January using (1) FIFO,and (2) average cost.Samuelson and Messenger (S&M) began 2016 with 200 units of its one product. These units were purchased near the end of 2015 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. S&M uses a periodic inventory system. Calculate ending inventory and cost of goods sold for January using (1) FIFO, and (2) average cost.
- Crane Company began the year with 8 units of marine floats at a cost of $10 each. During the year, it made the following purchases: May 5, 32 unit at $15; July 16, 15 units at $19; and December 7, 20 units at $23. Assume there are 25 units on hand at the end of the period. Crane uses the periodic approach. LIFOAt 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?BAYWEST began the third quarter (July to September) of 2020 with 30 (Alcatel) tablets at a total cost of $187,800. July 8 98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each tablet to have the inventory shipped from the point of purchase to their warehouse July 31 The sales for July were 85 tablets which yielded total sales revenue of $809,030. (25 of these tablets were sold on account to longstanding customers) August 4 A new batch of 67 tablets was purchased at a total cost of $465,650 August 10 5 of the tablets purchased on August 4 were returned to the supplier, as they were not of the model ordered. August 31 During the month 60 tablets were sold at a price of $10,350 each. September 4 A customer, to whom 9 tablets were sold during the first business day of August, returned 3 of the instruments, as they were of another brand. September 10 Owing to an increased demand, a…
- Castle TV, Incorporated purchased 1,400 monitors on January 5 at a per-unit cost of $126, and another 1,400 units on January 31 at a per-unit cost of $246. In the period from February 1 through year-end, the company sold 2,500 units of this product. At year-end, 300 units remained in inventory. Assume that the replacement cost of this monitor at year-end is $240 per unit. Using the first-in, first-out (FIFO) flow assumption and the lower-of-cost-or-market rulle, Castle TV should write down the carrying value of this inventory by: Multiple Choice O O O $2,700. $0. $900. $1,800.A company starts operations on October 1, Year One, holding 400 units of inventory whichfills its store. This inventory costs $10 per unit. After that, enough inventory is bought on thelast day of each month to bring the quantity on hand back to exactly 400 units. In October,140 units were sold; in November, 150 units were sold; and in December, 180 units weresold. On October 31, the company bought units for $12 each; on November 30, the companybought units for $13 each; on December 31, the company bought units for $15 each.What is the company’s cost of goods sold if a periodic LIFO system is used? If a periodic LIFO system is used, the company’s cost of goods sold is: If a perpetual LIFO system is used, the company's cost of goods sold iDeere manufacturing is in its first year of operations.On January 1, 2012 they purchased 175 units of inventory at a cost of $20 per unit.On March 23, 2012 they purchased another 400 units at a cost of $40 per unit.On April 25, 2012 they sold 250 units for $125 per unit.On July 11, 2012 they sold 300 units for $125 per unit.On August 8, 2012 they purchased 300 units at a cost of $50 per unit.On September 28, 2012, they purchased 400 units at a cost of $75 per unit.On December 28, 2012, they sold 450 units for $125 per unit.Deere manufacturing used a perpetual inventory system.Required:Determine Cost of Goods Sold and Ending Inventory using the following methods:a. FIFOb. Weighted Averagec. LIFO