Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $9. 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* $ 10 11 Total Cost $ 50,000 66,000 116,000 * 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. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Ending Inventory - Periodic FIFO FIFO Cost per Cost per # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods # of units Cost of unit Available for sold unit Goods Sold Sale 6,000 $ 9.00 $ 54,000 $ 9.00 # of units in ending inventory unit Ending Inventory $ 9.00 Beginning Inventory Purchases: January 10 January 18 Total $ 10.00 $ 5,000 $10.00 6,000 $11.00 50,000 66,000 170,000 10.00 11.00 $ $ 11.00 $ 17,000 $ Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Purchases Unit Cost Units 5,000 $ 10 Date of Purchase Jan. 10 Jan. 18 Totals Total Cost $ 50,000 66,000 116,000 6,000 11 11,000 * 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. . 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 6,000 $ 9.00 $ 54,000 # of units sold Cost per Cost per unit Cost of Goods Sold # of units in ending inventory unit Ending Inventory $ 9.00 $ 9.00 Beginning Inventory Purchases: January 10 January 18 Total $ 10.00 $ 5,000 $ 10.00 6,000 $ 11.00 17.000 50,000 66,000 10.00 11.00 $ 11.00 $ $ 170,000 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, 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 Inventor Perpetual FIFO: Cost per Cost per # of units Unit Cost Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units sold Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold # of units in ending inventory Cost uni unit unit Beg. Inventory 6,000 $ 9.00 $ 54,000 $ 9.00 $ 9.00 $ 9.00 $ Purchases: 10.00 50,000 10.00 10.00 0 10.00 January 10 January 18 5,000 6,000 17,000 11.00 66,000 11.00 11.00 0 11.00 0 Total $ 170,000 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 Goods # of units Cost Available for Sale 6,000 $ 9.00 $ 54,000 # 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: 5,000 $ 10.00 January 10 January 18 6,000 $ 11.00 17,000 50,000 66,000 170,000 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 # of units Cost per unit Inventory Value # of units Avg.Cost sold Cost of Goods Sold per unit 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
