Check my work 3 Samuelson and Messenger (S&M;) began 2016 with 300 units of its

Question

Check my work 3 Samuelson and Messenger (S&M;) began 2016 with 300 units of its one product. These units were purchased near the end of 2015 for $25 each. During the month of January 150 units were purchased on January 8 for $28 each and another 300 units were purchased on January 19 for $30 each. Sales of 155 units and 190 units were made on January 10 and January 25, respectively. There were 405 units on hand at the end of the month. S&M; uses a perpetual inventory system. 10 Required References Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method Cost of Goods Available for Sale Cost of Goods Sold-January 10 Cost of Goods Sold-January 25 Inventory Balance Cost of Cost of | # of units | Cost per Goods | in ending etual FIFO # of I cost per Goods Cost of # of units sold #of Cost per Goods cost per unit Available for units Sale unit unit Inventory sold Sold Sold inventory Beg. Inventory S 0.00 $ S 0.00 S 0.00S Purchases January 8 January 19 0.00 0.00 0.00 0.00 0.00 0.00 Total 0

Explanation / Answer

1 Cost of Goods Avaiable for Sale Cost of Goods Sold- Jan 10 Cost of Goods Sold- Jan 25 Inventory Balance Perpetual Average no of Units Cost per Unit Cost of Goods available for sale no of Units Cost per Unit Cost of Goods Sold no of Units Cost per Unit Cost of Goods Sold no of Units in ending Inventory Cost per Unit Ending Inventory Beg. Inventory            300 25                   7,500 155 25 3875            145 25 3625 Purchases 8-Jan            150 28                   4,200 45 28 1260 105 28 2940 19-Jan            300 30                   9,000 300 30 9000 Total            750                 20,700            155         3,875            190         4,885                       405            11,940 2 Cost of Goods Avaiable for Sale Cost of Goods Sold Perpetual Average no of Units Cost per Unit Cost of Goods available for sale no of Units Cost per Unit Cost of Goods Sold Beg. Inventory            300         25.00                   7,500 Sale- January-8            150         28.00                   4,200 Sub Total Average Cost            450         26.00                 11,700 Sale- January-10 155         26.00         4,030 Sub Total Average Cost            295         26.00                   7,670 Purchase-January 19            300         30.00                   9,000 Sub Total Average Cost            595         28.02                 16,670 Sale- January 25 190         28.02         5,323 Total            405         28.02                 11,347            345         9,353

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