ACC-202-Samuelson and Messenger (S&M) began 2013 with
by | Mar 18, 2020 | Uncategorized
Samuelson and Messenger (S&M) began 2013 with 240 units of its one product. These units were purchased near the end of 2012 for $25 each. During the month of January, 120 units were purchased on January 8 for $28 each and another 240 units were purchased on January 19 for $30 each. Sales of 150 units and 125 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 perpetual inventory system.
Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO method.
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