Please answer questions 1-5 :) thank you
Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of # of units Cost per Goods # of units Cost per Cost of # of units Cost per Ending unit Available for sold unit Goods Sold in ending unit Inventory Sale inventory Beginning Inventory 8,000 $ 9.00 $ 72,000 $ 9.00 $ 0 $ 9.00 $ 0 Purchases: January 10 6,000 $ 10.00 60,000 $ 10.00 $ 10.00 January 18 8,000 $ 11.00 88,000 S 11.00 O 11.00 0 Total 22,000 $ 220,000 0Required information [The following information applies to the questions displayed below.] 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 Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 10 $ 60, 000 Jan. 18 8,000 11 88, 000 Totals 14, 000 148, 000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3, 000 Jan. 12 3, 000 Jan. 20 4, 000 Total 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 Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of # of units Cost per Goods # of units Cost per Cost of # of units in ending Cost per Ending unit Available for sold unit Goods Sold unit Sale inventory Inventory Beginning Inventory 8,000 $ 9.00 $ 72,000 $ 9.00 $ 0 $ 9.00 $ 0 Purchases: January 10 6,000 $ 10.00 60,000 $ 10.00 $ 10.00 January 18 8,000 $ 11.00 88,000 S 11.00 11.00 0 Total 22,000 220,000 0 $ 0 0Cost 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: Cost of # of Unit Goods # of units Cost per Cost of # of units Cost per Cost of # of units Cost per Cost of # of units Cost per Ending units Cost Available for sold unit Goods Sold sold unit Goods Sold sold unit Goods Sold in ending Sale inventory unit Inventory Beg. Inventory 8,000 $ 9.00 $ 72,000 $ 9.00 $ 0 S 9.00 $ 0 S 9.00 $ 0 $ 9.00 $ 0 Purchases: January 10 6,000 10.00 60,000 10.00 0 10.00 O 10.00 10.00 January 18 8,000 11.00 88,000 11.00 11.00 LO 11.00 O 11.00 Total 22,000 $ 220,000 0 $ 0 0 S 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 Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Cost of # of units Unit Goods # of units Average Cost Available for Cost per Cost of # of units Average sold Goods Sold in ending Cost per Ending Sale Unit inventory unit Inventory Beginning Inventory 8,000 $ 9.00 $ 72,000 Purchases: January 10 6,000 $ 10.00 60,000 January 18 8,000 $ 11.00 88,000 Total 22,000 $ 220,0005. 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 Inventory # of units Avg.Cost Cost of unit Value sold per unit Goods Sold Beginning Inventory $ O Sale - January 5 O Subtotal Average Cost 0 O Purchase - January 10 O Subtotal Average Cost 0 O Sale - January 12 O Subtotal Average Cost 0 O Purchase - January 18 O Subtotal Average Cost 0 Sale - January 20 o O Total 0 O 0 0
