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Required information Problem 8-5 (Algo) Various inventory costing methods (L08-1.8-4) (The following information applies to the questions displayed below) Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $6, Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 10 Totale Unita 3,000 4.000 7,000 Purchases Unit Cost Total cost $7 $21,000 32,000 53,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,000 1.000 3,000 6,000 5,000 units were on hand at the end of the month Problem 8-5 (Algo) Part 1 5,000 units were on hand at the end of the month. bed Problem 8-5 (Algo) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO periodic system, OOK int FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Cont per Goods of units Cost per # of units Cost of unit Available for sold unit Goods Sold Sato 4,000 $ 6.00 $ 24,000 6.00 $ 0 Ending Inventory - Poriodic FIFO # of units Cost per Ending in onding unit inventory Inventory $ 6.00 $ 0 cences Beginning Inventory Purchases January 10 January 18 Total 0 0 3,000 $ 7.00 4,000 58.00 11,000 21.000 32,000 77,000 $ $ 7.00 8.00 $ $ 7.00 8.00 0 OOO 0 $ 0 5 0 $ 0 Skepped Problem 8-5 (Algo) Part 2 Book 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Print LIFO Cost of Goods Avaliable for Sale Cost of Goods Sold - Periodic LIFO Cost of of units Cost per Goods # of units Cost per Cost of unit Available for sold unit Goods Sold Salo 4.000 $ 6.00 $ 24,000 $ 6.00 $ Ending Inventory - Periodic LIFO of units Cost per Ending In ending unit Inventory Inventory $ 6.00 S 0 References 0 Beginning Inventory Purchases January 10 January 18 Total $ 0 0 3.000 S 7.00 4,000 $ 8.00 11.000 21.000 32,000 77.000 7.00 8.00 $ 5 OOO 7.00 8.00 $ 0 5 0 $ 0 $ 0