Samuelson and Messenger (S&M) began 2018 with 200 units of its one product. These units...
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Samuelson and Messenger (S&M) began 2018 with 200 units of its one product. These units were purchased near the end of 2017 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. S&M uses a perpetual inventory system. Required:2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost method
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Inventory on hand Cost of Goods Sold Perpetual Average |#Of units!Cos | Inventory | # of units | Avg. Cost per unit | Cost of Goods unit Value sold Sold Beginning Inventory Purchase January 8 Subtotal Average Cost Sale - January 10 Subtotal Average Cost Purchase January 19 Subtotal Average Cost Sale January 25 Total 200 25.00 $ 5,000 100 300 125 26.50 425 200 625 100 725 2,800 7,800 3,313 11,113 6,000 17,113 2,782 $ 19,895 28.00 30.00 27.82
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