Accounting. Simple answers are okay, no need for explanations

2 Required information Part 1 of 5 [The following information applies to the questions displayed below.] Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $7. Merchandise 02-46:12 transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 8 $ 48,000 Jan. 18 7,000 63,000 Totals 13, 000 111, 000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,900 Jan. 12 1, 900 Jan. 20 4,000 Total 8,000 12,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Cost of FIFO Goods # of units Cost per Cost of # of units # of units Cost per unit Available for sold unit Goods Sold in ending Cost per Ending unit Sale inventory Inventory Beginning Inventory 7,000 $ 7.00 $ 49,000 7.00 $ 0 7.00 Purchases: January 10 6,000 18,000 S 8.00 S 8.00 January 18 7,000 $ 9.00 63,000 S 9.00 9.00 Total 20,000 160,00 0 03 Required information Part 2 of 5 [The following information applies to the questions displayed below.] Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $7. Merchandise X 02-45:47 transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,900 8 $ 48,000 Jan. 18 7,000 9 63, 000 Totals 13, 000 111, 000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 1, 000 Jan. 20 4,000 Total 8,000 12,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale | Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Cost of LIFO # of units Cost per Goods # of units Cost per Cost of # of units Cost per Ending unit Available for sold unit Goods Sold in ending unit Inventory Sale inventory Beginning Inventory 7,000 $ 7.00 49,000 7.00 $ 0 7.00 $ 0 Purchases: January 10 6,000 $ 8.00 48,000 8.00 0 8.00 0 January 18 7,000 63,000 S 9.00 S 9.00 Total 20,000 S 160,000 0 0 04 Required information Part 3 of 5 [The following information applies to the questions displayed below.] Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $7. Merchandise 02-45:29 transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 8 $ 48,000 Jan. 18 7,000 63, 000 Totals 13, 000 111, 000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 1, 000 Jan. 20 4,000 Total 8,000 12,000 units were on hand at the end of the month. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost of # of Unit Goods # of Cost per Cost of # of units Cost per Cost of # of units Cost per Cost of # of units in ending Cost per Ending units Cost Available for units sold unit Goods Sold sold unit Goods Sold sold unit Goods Sold inventory unit Inventory Sale Beg. Inventory 7,000 $ 7.00 $ 19,000 $ 7.00 $ 0 $ 7.00 $ 0 7.00 $ 0 7.00 0 Purchases. January 10 6,000 8.00 48,000 8.00 8.00 8.00 8.00 January 18 7,000 9.00 63,000 9.00 9.00 9.00 9.00 Total 20,000 S 160,000 0 0 0 0 0 05 Required information Part 4 of 5 [The following information applies to the questions displayed below.] Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $7. Merchandise 02-45:10 transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 8 $ 48,900 Jan. 18 7,000 LO 63,000 Totals 13, 000 111, 000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 1, 000 Jan. 20 4, 000 Total 8,000 12,000 units were on hand at the end of the month. 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 Ending Inventory - Average Cost Cost of Average Cost Unit Cost of # of units Ending # of units Goods # of units Average Average Cost per Cost Cost per Available for sold Goods Sold in ending Unit inventory unit Inventory Sale Beginning Inventory 7,000 $ 7.00 $ 49,000 Purchases January 10 5,000 $ 8.00 18,000 January 18 7,000 $ 9.00 63,000 Total 20,000 160,000 06 Required information [The following information applies to the questions displayed below.] Part 5 of 5 Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: X 02:44:39 Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 8 48, 000 Jan. 18 7,900 63, 000 Totals 13,000 111, 000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 1, 090 Jan. 20 4,906 Total 8,000 12,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Inventory on hand Cost of Goods Sold Perpetual Average # of units Cost per Inventory # of units Avg.Cost Cost of unit Value sold per unit Goods Sold Beginning Inventory 10 Sale - January 5 Subtotal Average Cost of Purchase - January 10 Subtotal Average Cost 0 Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost of Sale - January 20 Total 0 0