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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 Problem 8-5 (Algo) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cast of Good Goldenuary 5 Costel Goods Soldau 17 Cost of Goods Sold - Janiny 26 Inventory Balance Perast Cost of Goods Available for late Cost of Un Gouda Con Available for of units of units Cester Couto Goods Sold Castel Wofi Oster Goods Bold zote Coupe of units Carpet unit Contot Goods End Inventory 4000 10.00 24,000 5 6.00 $ 8.00 6.00 $ 6.00 Degretary Purch Manuary 10 January 18 Total 3,000 4.000 11,000 700 ROO 20.000 32.000 77.000 7.00 0.00 7/30 8.00 0 0 700 500 700 11.00 5 Problem 8-5 (Algo) Part 4 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 Unit of units Goods Cost Available for Sale 4.000 $ 6.00 $ 24,000 Cost of Goods Sold - Average Cost of units Average Cost of sold Unit Goods Sold Ending inventory - Average Cost #of units Average Ending in ending Cost per Inventory unit Inventory es Cost per Beginning Inventory Purchases: January 10 January 18 Total 3,000 $. 7.00 4,000 $8.00 11.000 21,000 32.000 77.000 S Problem 8-5 (Algo) Part 5 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 Averago Inventory on hand Inventory unit Value Cost of Goods Sold of units Avg.Cost Cost of sold Goods Sold of units Cost per per unit s 0 0 of 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 $ 0