began january with 8000 units of its principal product

Required information [The following information applies to the questions displayed below) Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totala Unit 6,000 8.000 14,000 Purchases Unit Cose $ 9 Tota Sot S48.000 92.000 120,000 Includes purchase price and cost of freight Bales Date of Bale Jan. 5 Jan. 12 Jan. 20 Total Unita 4,000 2,000 5,000 11,000 11.000 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 Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Cost Goods # of units per unit Available for Sale 8,000 $ 7.00 $ 56,000 #of units sold Cost per unit Cost per Cost of Goods Sold of units in ending Inventory Ending Inventory unit $ 7.00 $ 0 $ 7.00 $ 0 Beginning Inventory Purchases January 10 January 18 Total $ 0 $ 0 6,000 $ 8.00 8,000 $ 9.00 22,000 48,000 72,000 176,000 8.00 9.00 800 9.00 $ $ 0 0 $ 0 0 0 $ 0 $ 3. Calculate Januarys ending inventory and cost of goods sold for the month using FIFO perpetual system Cost of Goods Sold January Cost of Goods Sold January 12 Cost of Goods Sold January 20 Pet FIER Cost of Goods Avatate for Sale Cost of Unit Goods units Cost Available for Sale 8,000 57.00 5 56000 set units ald Cost per unit Cost of Goods Sold of units Coster told unit Couter Goodfeld of units Couper Cost of Grid Doade soin ending 5 7005 $ 7.00 $ 0 $ 7005 0 1 7005 Beg fory Purchase ay 10 ay 1 Total O 200 0 100 6.000 8.000 22.000 100 9.00 40000 72.000 170.000 3.00 100 3.00 wool 00 9.00 0 5 0 0 0 0 5 3