Ferris Company began January with 8,000 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 6,000 8,000 14,000 Purchases Unit Cost* $ 10 11 Total Cost $ 60,000 88,000 148,000 Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 3,000 4,000 10,000 12,000 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 Cost per Goods # of units unit Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 8,000 $ 9.00 $ 72,000 $ 9.00 $ 0 $ 9.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ 10.00 0 $ 10.00 0 6,000 $10.00 8,000 S 11.00 22.000 60.000 88,000 220,000 S 11.00 0 $ 11.00 0 $ 0 $ 0 0 $ 0 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 Cost per Goods # of units unit Available for Sale 8,000 S 9.00 S 72.000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 0 S 9.00 $ 0 $ 9.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ 10.00 $ 10.00 0 $ 10.00 0 6,000 8,000 22,000 $ 11.00 60,000 88,000 220,000 S 11.00 0 $ 11.00 0 S 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 units Cost of Goods Available for Sale Unit Cost # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit 8,000 $ 9.00 $ 72,000 $ 9.00 $ 0 $ 9.00 $ 0 $ 9.00 $ 0 $ 9.00 $ 0 Beg. Inventory Purchases January 10 January 18 Total 10.00 10.00 0 0 10.00 0 6,000 8,000 22,000 60,000 88,000 220.000 10.00 11.00 10.00 11.00 11.00 11.00 0 0 11.00 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. Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Cost of Goods Available for Sale Cost of Unit # of units Goods Cost Available for Sale 8,000 $ 9.00 $ 72,000 # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per Ending Inventory unit Beginning Inventory Purchases: January 10 January 18 60,000 6,000 $10.00 8,000 $ 11.00 22.000 88,000 220,000 Total $ $ 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 units Cost per unit Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold $ 0 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 Total 0 0 0 0 0 0 0 0 $ 0 0 $ 0
