Solution-Calculate ending inventory and cost of goods sold

Calculate ending inventory and cost of goods sold

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Reference no: EM131565751

Question - Samuelson and Messenger (S&M) began 2016 with 350 units of its one product. These units were purchased near the end of 2015 for $24 each. During the month of January, 250 units were purchased on January 8 for $27 each and another 300 units were purchased on January 19 for $29 each. Sales of 160 units and 250 units were made on January 10 and January 25, respectively. There were 490 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.

Reference no: EM131565751

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Calculate ending inventory and cost of goods sold : Samuelson and Messenger (S&M) began 2016 with 350 units of its one product. Calculate ending inventory and cost of goods sold for January using FIFO

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Calculate ending inventory and cost of goods sold

Reference no: EM131565751

Reference no: EM131565751

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