Samuelson and Messenger (S&M) began 2013 with 270 units of its one product. These units were purchased near the end of 2012 for $24 each. During the month of January, 135 units were purchased on January 8 for $27 each and another 270 units were purchased on January 19 for $29 each. Sales of 130 units and 170 units were made on January 10 and January 25, respectively. There were 375 units on hand at the end of the month. S&M uses a perpetual inventory system. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method.
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Complete the below table to calculate ending inventory and cost of goods sold for January using average cost method. (Round your cost per unit to 2 decimal places and other answers to nearest whole number.) |
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