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: Purchases Unit Cost $ 10 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 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. 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 FIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 8,000 $ 9.00 $ 72,000 # of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory inventory $ 9.00 $ 8,000 $ 9.00 $ 72,000 Beginning Inventory Purchases: January 10 January 18 Total 6,000 8,000 22,000 $10.00 $ 11.00 60,000 88,000 220,000 $ $ 10.00 11.00 $ $ 10.00 11.00 0 0 8,000 $ $ 72,000 $ 0 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. 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 Cost of Goods Available for Sale Cost of of units Cost per Goods unit Available for # of units sold Cost per unit Cost of Goods Sold Cost per unit Ending Inventory # of units in ending Inventory 0 Sale 8,000 $ 9.00 $ 72,000 0 $ 9.00 $ $ 9.00 $ Beginning Inventory Purchases: January 10 January 18 Total 0 6,000 8,000 22,000 $10.00 $ 11.00 60,000 88,000 220,000 $ $ 10.00 11.00 0 0 $ $ 10.00 11.00 $ 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system Cost of Goods Sold January 5 Cost of Goods Sold - January 12 Cost of Good Soldan Perpetual FIFO Cost of Goods Available for Sale Cost of of Unit Goods units Cost Available for #of units sold Cost per unit Cost of Goods Sold of units Cost per sold unit cost of Goods Sold of units Cost per sold unit cos Goods S 0 S 0 .00 $ 0 $ 0.00 $ 0 $ 0.00 $ Beg. Inventory Purchases January 10 January 18 0 0. 000 0. 000 0.00 00. 000 0 0 S 0 0.00 0.00 Total 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 #of units sold Cost per of units ending Inventory Goods Sold Average Cost per unit Ending Inventory Goods Sold Unit Cost of Goods Available for Sale Cost of Average Cost it Unit Goods Cost Available for Sale Beginning Inventory S 0 Purchases: January 10 0 January 18 0 Total L0 S 0 $ Cost of Goods Sold - Average Cost Ending Inventory - Abra Average Cost Cost of Goods Available for Sale Cost of Unit Goods #of units Cost Available for Sale Average Cost per #of units sold Cost of Goods Sold # of units in ending Inventory Average cost per unit Ending Inventory Unit Beginning Inventory Purchases: January 10 January 18 Total $ 0 Perpetual Average Inventory on hand # of units cost per Cost per Inventory unit V alue $ Cost of Goods Sold # of units Avg.Cost Cost of sold per unit Goods Sold 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 $
