Business, 05.05.2020 16:02 nacho5317

Samuelson and Messenger (S&M) began 2018 with 300 units of its one product. These units were purchased near the end of 2017 for $22 each. During the month of January, 200 units were purchased on January 8 for $25 each and another 260 units were purchased on January 19 for $27 each. Sales of 190 units and 200 units were made on January 10 and January 25, respectively. There were 370 units on hand at the end of the month. S&M 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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Samuelson and Messenger (S&M) began 2018 with 300 units of its one product. These units were pur...

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