Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Units Jan. 10 5,000 Jan. 18 6,000 Totals 11,000 Purchases Unit Cost* Total Cost $9 $ 45,000 10 60,000 $105,000 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. 8,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO periodic system. Cost of Goods Sold Periodic FIFO EIRO Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic FIFO # of units in ending Cost per Ending unit Inventory Inventory $ 0.00 5 0 $ 0.00 $ 0 Beginning Inventory Purchases: January 10 January 18 0 $ $ 0.00 0. 000 $ $ 0.00 0.00 Total 0 rotan 8,000 units were on hand at the end of the month 2 Calculate January's ending inventory and cost of goods sold for the month using LIFO periodic system. LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic UFO Ending Inventory - Periodic LIFO Cost of Cost per Goods #of units Cost per Cost of of units of units Cost per Ending unit Available for sold unit Goods Sold in ending inventory unit Inventory Sale 50 $ 0.005 0 5 0.00 5 0 Beginning Inventory Purchases January 10 January 18 Total $ 0.00 $ $ 0.00 0.00 $ 0.00 ms Saved 8,000 units were on hand at the end of the month 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO perpetual system. Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of G Perpetual FIEO: Cost of Goods Available for Sale Cost of Unit Goods units Cost Available for Sale ol # of units sold Cost per unit Cost of Goods Sold of units sold Cost per unit Cost of Goods Sold Goods So of units sold Beg. Inventory Purchases January 10 January 18 Total 4. 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 # of units Goods Cost Available for Sale #of units Average Cost of Cost per Unit # of units in ending inventory sold Goods Sold Average Cost per unit Ending Inventory Beginning Inventory Purchases January 10 January 18 Total 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 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
