Ferris Company began 2018 with 8,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January 2018 are as follows: Purchases Date of Purchase Jan. 10 Units Unit Cost $ 8 Total Cost $ 48,eee 72,e0e 6,000 8,e00 Jan. 18 Totals 14,000 120,000 "Includes purchase price and cost of freight. Sales Units Date of Sale Jan. 5 4,e00 Jan. 12 Jan. 20 2,00e 5,000 11,e00 Total 11,000 units were on hand at the end of the month Purchases Date of Purchase Units Unit Cost* $ 8 Total Cost Jan. 10 Jan. 18 6,e00 $ 48,000 8,000 72,eee Totals 14,eee 120,000 "Includes purchase price and cost of freight Sales Date of Sale Units Jan. 5 4,e0e s Jan. 12 2,eee Jan. 20 5,eee 11,00e Total 11,000 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. 7 of 7 Next Prev rk Saved Help Save Sales Date of Sale Units Jan. 5 4,00e Jan. 12 2,000 5,ee0 Jan. 20 Total 11,eee 11,000 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 auestion hv enterina vour answers in the tabs below. Check 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 Cost of Goods Available for Sale FIFO # of units in ending inventory #of units Cost per unit #of units Cost per unit Cost of Cost per Ending Inventory Goods Sold sold unit Beginning Inventory 0.00 $ 0 0.00 0 0 Purchases 0.00 0 $ 0.00 S 0 0 January 10 0 0.00 0 0.00 January 18 0 0 0 0 Total Required 2 > Next 7 of 7 Prey vork Saved Help Save & Exit Su Check my wo 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 Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory- Periodic LIFO Cost of Goods # of units in ending inventory LIFO # of units Cost per unit l of units sold Cost per unit Cost of Cost per unit Ending Inventory Available for Sale Goods Sold es 0.00 $ Beginning Inventory 0 0.00 Purchases 0.00 0.00 January 10 0.00 0.00 January 18 10 C Total Required 3 Required 1 7 or 7 Next Next 7 of 7 Prey Check 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 Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Cost of Goods Available for Average Cost Average Cost per Unit # of units Average Cost per Unit Cost of units sold Cost of # of units Ending Inventory in ending inventory Goods Sold unit Sale Beginning Inventory 0 Purchases January 10 January 18 C Total $ C C $
