Ferris Company began January with 4,000 units of its principal product. The cost of each unit...

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Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases: $ 9 Date of Purchase Units Unit Cost Jan. 10 3,000 Jan. 18 4,000 Totals 7,000 10 Total Cost $27,000 40,000 67,000 Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 201 3,000 Total 6,000 5,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Ending Inventory - Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory inventory Beginning Inventory 4,000 $ 8.00 $ 32,000 0 $ 8.00 $ 0 $ 8.00 $ 0 Purchases: January 10 3,000 $9,00 27,000 $ 9.00 0 $ 9.00 0 January 18 4,000 $10,00 40,000 $ 10.00 0 0 $ 10.00 0 Total 11,000 $ 99,000 $ 0 0 $ 0 Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases: $ 9 Date of Purchase Units Unit Cost Jan. 10 3,000 Jan. 18 4,000 Totals 7,000 10 Total Cost $27,000 40,000 67,000 Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 201 3,000 Total 6,000 5,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Ending Inventory - Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory inventory Beginning Inventory 4,000 $ 8.00 $ 32,000 0 $ 8.00 $ 0 $ 8.00 $ 0 Purchases: January 10 3,000 $9,00 27,000 $ 9.00 0 $ 9.00 0 January 18 4,000 $10,00 40,000 $ 10.00 0 0 $ 10.00 0 Total 11,000 $ 99,000 $ 0 0 $ 0