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, eee 8, eee 14, eee Purchases Unit Cost* $ 9 le Total Cost $ 54,800 80,000 134,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 4, eee 2, eee 5, cee 11,000 Total 11,000 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 Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale Cost per # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory unit Ending Inventory 8,000 $ 8.00 $ 64,000 s 8.00 $ 8.00 Beginning Inventory Purchases January 10 January 18 Total s 9.00 $ 6.000 8,000 $ 9.00 $ 10.00 54,000 80,000 198,000 9.00 10.00 $ 10.00 $ 22.000 $ 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 Goods unit Available for Sale of units Cost per # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 8,000 $ 8.00 S 64,000 $ 8.00 $ 8.00 Beginning Inventory Purchases: 6,000 54,000 $ 9.00 $ 9.00 January 10 January 18 $ 0.00 $10.00 $ 10.00 $ 10.00 8,000 22.000 80,000 198,000 Total $ 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 # of Unit Goods Cost per Cost of units Cost Available for units Goods Sold unit sold Sale 8.000 $ 8.00 $ 64,000 s 8.00 # of units sold Cost per 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 $ 8.00 $ 8.00 $ 8.00 s 0 Beg. Inventory Purchases: January 10 January 18 Total 9.00 0 9.00 6,000 8,000 54,000 80,000 9.00 10.00 9.00 10.00 9.00 10.00 10.00 0 10.00 0 22.000 $ s 198,000 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 # of units Unit Goods Cost Available for Sale # of units sold Average Cost per Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Unit 8,000 $ 8.00 $ 64,000 Beginning Inventory Purchases: 6.000 $ 9.00 54,000 January 10 January 18 Total 8,000 $10.00 80,000 198,000 22.000 $ 5. Calculate January's ending Inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unlt to 4 decimal places. Enter sales with a negative slgn.) Perpetual Average Inventory on hand Cost per Inventory # of units unit Value Cost of Goods Sold # of units Avg.Cost Cost of sold 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
