Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January 2018 are as follows:
| | Purchases |
| Date of Purchase | Units | | Unit Cost* | Total Cost |
| Jan. 10 | 6,000 | | $ | 10 | | | $ | 60,000 | |
| Jan. 18 | 5,000 | | | 11 | | | | 55,000 | |
| Totals | 11,000 | | | | | | | 115,000 | |
| |
*Includes purchase price and cost of freight.
| Sales |
| Date of Sale | Units | |
| Jan. 5 | 3,000 | |
| Jan. 12 | 3,000 | |
| Jan. 20 | 4,000 | |
| Total | 10,000 | |
| |
6,000 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.
Required 1Required 2 Required 3Required 4 Required 5 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 # of units Cost ofin ending cost per Ending Inventory Cost per Goods # of units Cost per # of units unit Available forsold Sale Sold inventory unit G unit 000$ $ 0.00 $ Beginning Inventory Purchases S 0.00 S 0.00 $ 0.00 $ 0.00 January 10 January 18 Total Required 1 Required 2Required 3 Requied 4 Required 5 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 Goods Sale # of units Goods Sold inventory LIFO f units Cost per Cost of Cost per Ending nventory Cost per | | # of units cost per # of units unit Available for I unit sold S 0.00 S Beginning Inventory Purchases S 0.00 S January 10 January 18 S 0.00 S 0.00 S 0.00 S 0.00 Total Required 1 Required 2 Required 3 Required 4 Required 5 Calculate January's ending Inventory and cost of goods sold for the month using LIFO, 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 Cost of Goods # of units l cost per Perpetual LIFO: #of # of units ost per unit Ending Inventory Cost per! Cost of | # of units | Cost per Goods Sold sold Cost of | Goods Sold | # of units sold cost per cost of unit Available for it Goods Sold in ending unit unit inventory Beg. Inventory .00 $ 0.00S $ 0.00S $ 0.00 Purchases: January 10 0.00 0.00 0.00 0.00 January 18 0.00 0.00 0.00 0.00 Total Required 4Required 5 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 Required 1 Required 2 Required 3 Ending Inventory - Average Cost Cost of Goods | # of units | Average # of units l cost per Goods Sold | Average Cost Unit Cost Cost ofi | # of units | Average Cost of in ending Cost per Inventory inventory unit # of units | per Available for sold Sale Beginning Inventory Purchases January 10 January 18 Total Required 1 Required 2 Required 3Required 4 Required 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 cost per unit inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold # of units 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
