Refer to the situation described in BE 8–6. SAM uses

Refer to the situation described in BE 8–6. SAM uses a periodic inventory system. Calculate and cost of goods sold for January using (1) FIFO and (2) average cost.

BE 8–6

Samuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for $25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased on January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively. There were 275 units on hand at the end of the month. SAM uses a perpetual inventory system. Calculate and cost of goods sold for January using (1) FIFO and (2) average cost.

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