Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* Date of Purchase Jan. 10 Jan. 18 Totals Units 4,000 7,000 11,000 10 Total Cost $ 36,000 70,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 10,000 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. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 0 # of units sold Cost per unit Cost of Goods Sold # of units In ending inventory Cost per unit Ending Inventory $ 0.00 $ 0 $ 0.00 $ Beginning Inventory Purchases: January 10 January 18 Total 0 0 0 0 $ $ 0. 00 0.00 $ $ 0.00 0.00 0 0 $ 0 0 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 Inventory Balance Perpetual FIFO: # of # of units Unit Cost Cost of Goods Available for Sale $ 0 units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost per unit Endin Invent # of units Cost of Goods Soldenomg inventory $ 0 $ 0.00 $ 0 $ 0.00 $ 0 $ 0.00 $ 8.00 $ Beg. Inventory Purchases January 10 January 18 Total 0.00 00. 000 0 0 $ 0 0. 000 0. 000 $ 0. 000 0. 000 0.00 0.00 0 $ 0 0 0 0 0 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 # of units Unit Goods Cost Available for # of units Average Cost per Cost of # of units in ending Goods Sold i Average Cost per Ending Inventory Goods Sold sold Unit inventory Sale Beginning Inventory Purchases January 10 January 18 Total $ 0 0 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 unite Cost per unit Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold $ 0 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 01 ooo Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* Date of Purchase Jan. 10 Jan. 18 Totals Units 4,000 7,000 11,000 10 Total Cost $ 36,000 70,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 10,000 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. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 0 # of units sold Cost per unit Cost of Goods Sold # of units In ending inventory Cost per unit Ending Inventory $ 0.00 $ 0 $ 0.00 $ Beginning Inventory Purchases: January 10 January 18 Total 0 0 0 0 $ $ 0. 00 0.00 $ $ 0.00 0.00 0 0 $ 0 0 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 Inventory Balance Perpetual FIFO: # of # of units Unit Cost Cost of Goods Available for Sale $ 0 units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost per unit Endin Invent # of units Cost of Goods Soldenomg inventory $ 0 $ 0.00 $ 0 $ 0.00 $ 0 $ 0.00 $ 8.00 $ Beg. Inventory Purchases January 10 January 18 Total 0.00 00. 000 0 0 $ 0 0. 000 0. 000 $ 0. 000 0. 000 0.00 0.00 0 $ 0 0 0 0 0 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 # of units Unit Goods Cost Available for # of units Average Cost per Cost of # of units in ending Goods Sold i Average Cost per Ending Inventory Goods Sold sold Unit inventory Sale Beginning Inventory Purchases January 10 January 18 Total $ 0 0 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 unite Cost per unit Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold $ 0 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 01 ooo