Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchases Unit Cost S7 8 Total Cost $35,000 48,000 83,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,800 4,000 9,000 8.000 units were on hand at the end of the month Problem 8-5 (Algo) Part 1 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 Ending Inventory Periodic FIFO FIFO #of units Cost per Cost of Goods Available for Sale Cost of Goods unit Available for Sale 6,000 $ 6.00 5 36,000 w of units sold Cost per unit Cost of Goods Sold Cost per #of units in ending inventory unit Ending Inventory S 6.00 $ 6.00 Beginning Inventory Purchases January 10 January 18 Total $ 5,000 $ 7.00 6,000 $ 8.00 17,000 35.000 48,000 119,000 7.00 8.00 $ $ 7.00 8.00 $ $ Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,800 Purchases Unit Cost $ 7 8 Total cost $35,000 48,060 83,000 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 Problem 8-5 (Algo) Part 2 2. 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 per Cost of Goods Available for Sale Cost of Goods Cost per of units unit Available for Sale 6,000 $6.00 $ 36,000 of units sold Cost of Goods Sold Cost per of units in ending inventory Ending Inventory unit $ 600 5 O 6.00 $ 0 $ $ 0 Beginning Inventory Purchases January 10 January 18 Total 7.00 8.00 5.000 $ 700 6.000 S 8.00 17.000 35,000 48.000 119,000 7.00 8.00 $ 0 $ $ 0 $ Ferris Company begon January with 6,000 units of its principal product. The cost of each unit 56. Merchandise transactions for the month of January are as follows: Date of Purchase 3.10 Jan. 1 Totals Units 5,000 5.000 Unit Cost $2 B Total Cost $35,000 40.000 09.900 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 3,000 Jan. 12 2,000 Jan. 20 Total 9.000 8,000 units were on hand at the end of the month Problem 8.5 (Algo) Part 3 3. Calculate January ending inventory and cont of goods sold for the month using Pro. perpetual system Cost of Goods Solday 12 Cost of Goods Solitary 20 Inventory like Cost of Goods Available for Sale Cost of Goods Sold Anary Cost of Goods Colet Cost of Avocable for Goods Sold No Coper Fofu Costner Cost of Goods Sold Ending of inits inventory Cont of Goods Sol 6005 500 0 . 6.000 56.00 6.00 00,000 5 600 Beginventory Purchase 700 700 700 800 0 0 700 300 700 11.00 5000 6.000 17.000 January 18 35.000 0.0001 110.000 Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 Purchases Unit Cost $ 7 8 6.000 11,000 Total Cost $35,000 48,000 83,000 * Includes purchase price and cost of freight Sales Date of Said Jan. 5 Jan. 12 San. 20 Total Units 3,000 2,000 4,000 9.000 8,000 units were on hand at the end of the month Problem 8-5 (Algo) Part 4 4. 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 Con Ending Inventory Average Cost Cost of Average Cost Unit Goods N of Average of units of its Average Cost of Cost per Cost Ending sold Cost per Available for ventory unit Sale Inventory Beginning inventory 0,000 35.00 5 36.000 Purchases January 10 5,000 $ 7.00 35.000 January 18 6,000 58.00 48.000 Total 17 000 5 119.000 Goods sold in ending Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Unit Cost Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Total Cost $35,000 48,000 83,000 * Includes purchase price and cost of freight Units Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total 3,000 2,000 4,080 9,000 8,000 units were on hand at the end of the month Problem 8-5 (Algo) Part 5 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.) Perpetual Average Inventory on hand # of units Inventory unit Value Cost per Cost of Goods Sold # of units Avg.Cost Cost of sold per unit Goods Sold Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale anuary 12 Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total Subito