Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ferris Company began 2013 with 6.000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of
Ferris Company began 2013 with 6.000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2013 are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 "Includes purchase price and cost of breight. Purchases Unit Cost Total Cost $ 9 10 $ 45,000 60,000 $105,000 Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total 9,000 8.000 units were on hand at the end of the month. Required: Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: 1. FIFO, periodic system 2. LIFO, periodic system 3. LIFO, perpetual system 4. Average cost, periodic system 5. Average cost, perpetual system mantion for the quarter ended March 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started