Samuelson and messenger sampm began 2013 with 250 units of

Reference no: EM13594039

Samuelson and Messenger (S&M) began 2013 with 250 units of its one product. These units were purchased near the end of 2012 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. S&M uses a periodic inventory system.Calculate ending inventory and cost of goods sold for January using (1) FIFO, and (2) average cost.

Reference no: EM13594039

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