Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January 2018 are as follows: Units 6,000 Date of Purchase Jan. 10 Jan. 18 Totals Purchases Unit Cost* $ 7 8 5,000 Total Cost $42,000 40,000 82,000 11,000 *Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 3,000 4,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2. Required 3 Required 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 FIFO Cost per # of units Cost per Cost of Goods Available for Sale # of units sold Cost per Cost of Goods Sold # of units in ending inventory Ending Inventory unit unit unit Beginning Inventory Purchases: January 10 January 18 Total Required 1 Required 2 > 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, periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale Cost per Cost per # of units sold Cost of Goods Sold # of units in ending inventory Ending Inventory unit unit Beginning Inventory Purchases: January 10 January 18 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 Perpetual LIFO: Cost per Cost per Cost per # of units Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold End Invel unit # of units in ending inventory unit unit Beg. Inventory Purchases: January 10 January 18 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 Average cost, periodic system. Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Cost of Goods Available for Sale Cost of Unit Goods # of units Cost Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory Purchases January 10 January 18 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 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 unit Inventory Value # of units Avg.Cost sold per unit Cost of Goods Sold 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
