A company began January with 6,000 units of its principal product. The cost of each nit is $8. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 5,000 6,000 11,000 * Includes purchase price and cost of freight. Purchases Unit Cost $9 10 Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $ 105,000 Dok Int ences Problem 8-5 (Static) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFO Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $ 48,000 Number Cost per of units unit 6,000 $8.00 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Cost of Goods Sold - Periodic FIFO Number of units sold Cost per unit $ $ $ 8.00 9.00 10.00 Cost of Goods Sold Ending Inventory - Periodic FIFO Number of units in ending inventory Cost per unit $ 8.00 $ 9.00 $ 10.00 Ending Inventory Problem 8-5 (Static) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Beginning Inventory Purchases: January 10 January 18- Total Cost of Goods Available for Sale Cost of Goods Available for Sale 6,000 $8.00 S 48,000 Number Cost per of units unit 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Cost of Goods Sold - Periodic LIFO Number of units sold Cost per unit $ $ $ 8.00 9.00 10.00 Cost of Goods Sold Ending Inventory - Periodic LIFO Number of units in ending inventory Cost per unit $ 8.00 $ 9.00 $ 10.00 Ending Inventory I ces Problem 8-5 (Static) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Perpetual FIFO: Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale Unit Cost 6,000 $8.00 $ Number of units 5,000 9.00 6,000 10.00 17,000 48,000 45,000 60,000 $ 153,000 Cost of Goods Sold-January 5 Number of units sold Cost per unit $ 8.00 9.00 10.00 Cost of Goods Sold Cost of Goods Sold-January 12 Number of units sold Cost per unit $ 8.00 9,00 10.00 Cost of Goods Sold 0 0 Cost of Goods Sold-January 20 Number of units sold Cost per 5 8.00 9.00 10.00 Cost of Goods Sold O 1 ok mt 0 ences Problem 8-5 (Static) Part 4 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Average Cost per Unit Average Cost Beginning Inventory Purchases: January 10 January 18 Total Number Unit of units Cost Available for Sale 6,000 $8.00 $ 48,000 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Number of units sold Cost of Goods Sold Number of units in ending inventory Ending Inventory-Average Cost Average Cost per unit Ending Inventory S Problem 8-5 (Static) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Perpetual Average Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase-January 18 Subtotal Average Cost Sale January 20 Total Inventory on hand Number Cost per of units unit Inventory Value Number of units sold Cost of Goods Sold Average Cost per unit Cost of Goods Sold A company began January with 6,000 units of its principal product. The cost of each nit is $8. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 5,000 6,000 11,000 * Includes purchase price and cost of freight. Purchases Unit Cost $9 10 Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $ 105,000 Dok Int ences Problem 8-5 (Static) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFO Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $ 48,000 Number Cost per of units unit 6,000 $8.00 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Cost of Goods Sold - Periodic FIFO Number of units sold Cost per unit $ $ $ 8.00 9.00 10.00 Cost of Goods Sold Ending Inventory - Periodic FIFO Number of units in ending inventory Cost per unit $ 8.00 $ 9.00 $ 10.00 Ending Inventory Problem 8-5 (Static) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Beginning Inventory Purchases: January 10 January 18- Total Cost of Goods Available for Sale Cost of Goods Available for Sale 6,000 $8.00 S 48,000 Number Cost per of units unit 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Cost of Goods Sold - Periodic LIFO Number of units sold Cost per unit $ $ $ 8.00 9.00 10.00 Cost of Goods Sold Ending Inventory - Periodic LIFO Number of units in ending inventory Cost per unit $ 8.00 $ 9.00 $ 10.00 Ending Inventory I ces Problem 8-5 (Static) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Perpetual FIFO: Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale Unit Cost 6,000 $8.00 $ Number of units 5,000 9.00 6,000 10.00 17,000 48,000 45,000 60,000 $ 153,000 Cost of Goods Sold-January 5 Number of units sold Cost per unit $ 8.00 9.00 10.00 Cost of Goods Sold Cost of Goods Sold-January 12 Number of units sold Cost per unit $ 8.00 9,00 10.00 Cost of Goods Sold 0 0 Cost of Goods Sold-January 20 Number of units sold Cost per 5 8.00 9.00 10.00 Cost of Goods Sold O 1 ok mt 0 ences Problem 8-5 (Static) Part 4 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Average Cost per Unit Average Cost Beginning Inventory Purchases: January 10 January 18 Total Number Unit of units Cost Available for Sale 6,000 $8.00 $ 48,000 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Number of units sold Cost of Goods Sold Number of units in ending inventory Ending Inventory-Average Cost Average Cost per unit Ending Inventory S Problem 8-5 (Static) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Perpetual Average Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase-January 18 Subtotal Average Cost Sale January 20 Total Inventory on hand Number Cost per of units unit Inventory Value Number of units sold Cost of Goods Sold Average Cost per unit Cost of Goods Sold A company began January with 6,000 units of its principal product. The cost of each nit is $8. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 5,000 6,000 11,000 * Includes purchase price and cost of freight. Purchases Unit Cost $9 10 Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $ 105,000 Dok Int ences Problem 8-5 (Static) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFO Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $ 48,000 Number Cost per of units unit 6,000 $8.00 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Cost of Goods Sold - Periodic FIFO Number of units sold Cost per unit $ $ $ 8.00 9.00 10.00 Cost of Goods Sold Ending Inventory - Periodic FIFO Number of units in ending inventory Cost per unit $ 8.00 $ 9.00 $ 10.00 Ending Inventory Problem 8-5 (Static) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Beginning Inventory Purchases: January 10 January 18- Total Cost of Goods Available for Sale Cost of Goods Available for Sale 6,000 $8.00 S 48,000 Number Cost per of units unit 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Cost of Goods Sold - Periodic LIFO Number of units sold Cost per unit $ $ $ 8.00 9.00 10.00 Cost of Goods Sold Ending Inventory - Periodic LIFO Number of units in ending inventory Cost per unit $ 8.00 $ 9.00 $ 10.00 Ending Inventory I ces Problem 8-5 (Static) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Perpetual FIFO: Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale Unit Cost 6,000 $8.00 $ Number of units 5,000 9.00 6,000 10.00 17,000 48,000 45,000 60,000 $ 153,000 Cost of Goods Sold-January 5 Number of units sold Cost per unit $ 8.00 9.00 10.00 Cost of Goods Sold Cost of Goods Sold-January 12 Number of units sold Cost per unit $ 8.00 9,00 10.00 Cost of Goods Sold 0 0 Cost of Goods Sold-January 20 Number of units sold Cost per 5 8.00 9.00 10.00 Cost of Goods Sold O 1 ok mt 0 ences Problem 8-5 (Static) Part 4 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Average Cost per Unit Average Cost Beginning Inventory Purchases: January 10 January 18 Total Number Unit of units Cost Available for Sale 6,000 $8.00 $ 48,000 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Number of units sold Cost of Goods Sold Number of units in ending inventory Ending Inventory-Average Cost Average Cost per unit Ending Inventory S Problem 8-5 (Static) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Perpetual Average Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase-January 18 Subtotal Average Cost Sale January 20 Total Inventory on hand Number Cost per of units unit Inventory Value Number of units sold Cost of Goods Sold Average Cost per unit Cost of Goods Sold A company began January with 6,000 units of its principal product. The cost of each nit is $8. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 5,000 6,000 11,000 * Includes purchase price and cost of freight. Purchases Unit Cost $9 10 Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $ 105,000 Dok Int ences Problem 8-5 (Static) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFO Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $ 48,000 Number Cost per of units unit 6,000 $8.00 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Cost of Goods Sold - Periodic FIFO Number of units sold Cost per unit $ $ $ 8.00 9.00 10.00 Cost of Goods Sold Ending Inventory - Periodic FIFO Number of units in ending inventory Cost per unit $ 8.00 $ 9.00 $ 10.00 Ending Inventory Problem 8-5 (Static) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Beginning Inventory Purchases: January 10 January 18- Total Cost of Goods Available for Sale Cost of Goods Available for Sale 6,000 $8.00 S 48,000 Number Cost per of units unit 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Cost of Goods Sold - Periodic LIFO Number of units sold Cost per unit $ $ $ 8.00 9.00 10.00 Cost of Goods Sold Ending Inventory - Periodic LIFO Number of units in ending inventory Cost per unit $ 8.00 $ 9.00 $ 10.00 Ending Inventory I ces Problem 8-5 (Static) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Perpetual FIFO: Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale Unit Cost 6,000 $8.00 $ Number of units 5,000 9.00 6,000 10.00 17,000 48,000 45,000 60,000 $ 153,000 Cost of Goods Sold-January 5 Number of units sold Cost per unit $ 8.00 9.00 10.00 Cost of Goods Sold Cost of Goods Sold-January 12 Number of units sold Cost per unit $ 8.00 9,00 10.00 Cost of Goods Sold 0 0 Cost of Goods Sold-January 20 Number of units sold Cost per 5 8.00 9.00 10.00 Cost of Goods Sold O 1 ok mt 0 ences Problem 8-5 (Static) Part 4 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Average Cost per Unit Average Cost Beginning Inventory Purchases: January 10 January 18 Total Number Unit of units Cost Available for Sale 6,000 $8.00 $ 48,000 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Number of units sold Cost of Goods Sold Number of units in ending inventory Ending Inventory-Average Cost Average Cost per unit Ending Inventory S Problem 8-5 (Static) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Perpetual Average Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase-January 18 Subtotal Average Cost Sale January 20 Total Inventory on hand Number Cost per of units unit Inventory Value Number of units sold Cost of Goods Sold Average Cost per unit Cost of Goods Sold A company began January with 6,000 units of its principal product. The cost of each nit is $8. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 5,000 6,000 11,000 * Includes purchase price and cost of freight. Purchases Unit Cost $9 10 Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $ 105,000 Dok Int ences Problem 8-5 (Static) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFO Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $ 48,000 Number Cost per of units unit 6,000 $8.00 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Cost of Goods Sold - Periodic FIFO Number of units sold Cost per unit $ $ $ 8.00 9.00 10.00 Cost of Goods Sold Ending Inventory - Periodic FIFO Number of units in ending inventory Cost per unit $ 8.00 $ 9.00 $ 10.00 Ending Inventory Problem 8-5 (Static) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Beginning Inventory Purchases: January 10 January 18- Total Cost of Goods Available for Sale Cost of Goods Available for Sale 6,000 $8.00 S 48,000 Number Cost per of units unit 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Cost of Goods Sold - Periodic LIFO Number of units sold Cost per unit $ $ $ 8.00 9.00 10.00 Cost of Goods Sold Ending Inventory - Periodic LIFO Number of units in ending inventory Cost per unit $ 8.00 $ 9.00 $ 10.00 Ending Inventory I ces Problem 8-5 (Static) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Perpetual FIFO: Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Available for Sale Cost of Goods Available for Sale Unit Cost 6,000 $8.00 $ Number of units 5,000 9.00 6,000 10.00 17,000 48,000 45,000 60,000 $ 153,000 Cost of Goods Sold-January 5 Number of units sold Cost per unit $ 8.00 9.00 10.00 Cost of Goods Sold Cost of Goods Sold-January 12 Number of units sold Cost per unit $ 8.00 9,00 10.00 Cost of Goods Sold 0 0 Cost of Goods Sold-January 20 Number of units sold Cost per 5 8.00 9.00 10.00 Cost of Goods Sold O 1 ok mt 0 ences Problem 8-5 (Static) Part 4 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Average Cost per Unit Average Cost Beginning Inventory Purchases: January 10 January 18 Total Number Unit of units Cost Available for Sale 6,000 $8.00 $ 48,000 5,000 $9.00 6,000 $10.00 17,000 45,000 60,000 $ 153,000 Number of units sold Cost of Goods Sold Number of units in ending inventory Ending Inventory-Average Cost Average Cost per unit Ending Inventory S Problem 8-5 (Static) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Perpetual Average Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase-January 18 Subtotal Average Cost Sale January 20 Total Inventory on hand Number Cost per of units unit Inventory Value Number of units sold Cost of Goods Sold Average Cost per unit Cost of Goods Sold