Problem - Samuelson and Messenger (S&M) began 2013 with 380 units of its one product. These units were purchased near the end of 2012 for $24 each. During the month of January, 190 units were purchased on January 8 for $27 each and another 380 units were purchased on January 19 for $29 each. Sales of 185 units and 290 units were made on January 10 and January 25, respectively. There were 475 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.