Ferris Company began January with 8,000 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 Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 Purchases Unit Costs $ 9 10 Total Cost $ 54,000 80,000 134,000 Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4,000 2,000 5,000 11,000 11,000 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. Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods Cost per # of units Cost per # of units Cost of unit Available for sold unit Goods Sold Sale $ 0 $ 0.00 $ 0 Cost per # of units in ending inventory unit Ending Inventory S 0.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 0 S 0.00 0 $ 0.00 0 0 $ 0.00 0 S 0.00 0 0 $ 0 0 S 0 0 S 0 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of # of Unit Goods # of units Cost of units Cost Available for unit Goods Sold sold Sale $ $ 0.00 $ 0 Cost per # of units Cost per sold unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0.00 $ 0 $ 0.00 $ 0 8.00 $ 0 Beg. Inventory Purchases: January 10 January 18 Total 0.00 0 0.00 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0 0 0 $ 0 0 $ 0 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. Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Unit Average Goods # of units # of units Cost of Cost Available for sold Cost per Unit Goods Sold Sale $ Ending Inventory - Average Cost # of units Average Cost per Ending in ending Inventory inventory unit 0 Beginning Inventory Purchases: January 10 January 18 Total 0 0 S 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.) Perpetual Average Inventory on hand Cost of Goods Sold Cost per Inventory # of units Avg.Cost # of units Cost of unit Value sold per unit Goods Sold $ 0 0 0 0 0 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 0 0 0 0 0 0 0 Total 0 0 0 S 0
