Required information (The following information applies to the questions displayed below) Ferris Company began January with 7,000 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. 18 Totals Units 6,000 7,000 13,000 Purchases Unit Cost $ 8 Total cost $42,000 56,000 98,000 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 10,000 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 FIFQ Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale 7,000 $ 6,00 $ 42,000 Cost per of units sold Cost per Cost of Goods Sold unit # of units In ending inventory Cost per unit Ending Inventory 1.000 5 600 $ 6,000 S 6.00 $ 0 Beginning Inventory Purchases January 10 January 18 Total 6,000 $ 700 7.000 $ 8,00 20,000 42,000 56,000 140,000 3,000 $ $ 4,000 7.00 8.00 21.000 0 27,000 3,000 $ 7,000 5 10.000 7.00 800 21,000 56.000 $ 77000 $ 5 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 UFO LIEO Cost of Goods Avallable for Sale Cost of Fof units Cost per Goods unit Available for Sale 7,000 $ 600 $ 42,000 W of units bold Cost per Cost of Goods Sold Cost per unit # of units in ending lovestory Ending Inventory $ 6.00 $ 6.00 Beginning Inventory Purchases January 10 January 18 Total $ 6,000 $ 7.00 7.000 58.00 20.000 42,000 56,000 140,000 7.00 8.00 $ $ 700 8.00 S $ 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system Cost of Goods Sold January Cost of Goods Sold January 12 Pecotia FIEO: Cost of Goods Solary 20 Cost of Goods Available for Sale Cost of Hot Unit Goods units Cost Available for Salo 7,000 $6.00 $ 42,000 of units sold Cost per und Cost of Goods Sold of units Cost per sold Cost of Wounts Cost per Goods Sold sol Custo Goods Sold In M $ 6.00 5 6.00 $ 6.00 Bog, Inventory Purchases January 10 January 18 Total 6,000 7.000 20.000 17.00 8.00 42,000 56.000 140.000 700 3.00 700 8.00 0 10 700 B00 5 FO, perpetual system. of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance units Cost per d unit Cost of # of units Cost per Goods Sold sold unit Cost of # of units Goods Sold in ending inventory Cost per unit Ending Inventory $ $ 6.00 $ $ 6.00 GA $ 6.00 $ 7.00 0 7.00 7.00 8.00 8.00 0 0 8.00 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 # of units Unit Goods Cost Available for Sale 7.000 $ 6.00 $ 42,000 Cost of Goods Sold - Averago Cost Average # of units Cost of Cost per sold Unit Ending Inventory Averago Cost #of units Average Ending Cost per Inventory inventory unit Goods Sokhin ending Beginning Inventory Purchases January 10 January 18 Total 6,000 $7.00 7.000 $ 8.00 20.000 42.000 56.000 140 000 $ 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 Perpetual Average of units Cost per Inventory Value unit Cost of Goods Sold of units Avg.Cost Cost of Sold per unit Goods Sold 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 Cont Sale - January 20 Total
