Question - Samuelson and Messenger (S&M) began 2011 with 216 units of its one product. These units were purchased near the end of 2010 for $31 each. During the month of January, 140 units were purchased on January 8 for $30 each and another 260 units were purchased on January 19 for $33 each. Sales of 140 units and 130 units were made on January 10 and January 25, respectively. There were 346 units on hand at the end of the month. S&M uses a perpetual inventory system.
Calculate ending inventory and cost of goods sold for January using average cost. (Round your intermediate calculations to 3 decimal places. Round your average cost values to the nearest dollar amount. Omit the "$" sign in your response.)