Required 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 $8. Merchandise transactions for the month of January are as follows: Purchases $ 9 Date of Purchase. Jan. 10 Jan. 18 Units 6,000 8,000 Unit Cost Totals 14,000 10 Total Cost $ 54,000 80,000 134,000 Includes purchase price and cost of freight. Date of Sale Jan. 5 Jan. 12 Jan. 20 Yotal Sales Units 4,000 2,000 5,000 11,000 11,000 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. Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO # of units Cost per unit Cost of Goods Available for Sale # of units Cost per sold unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory inventory Beginning Inventory 8,000 $8.00 S 64,000 $ 8:00 $ 0 $ 8.00 $ 0 Purchases January 10 January 18 6,000 $9.00 54,000 $ 9.00 0 S 9.00 0 8,000 $10.00 80,000 S 10.00 0 $ 10.00 0 Total 22.000 $ 198,000 0 S 0 0 $ 0 11,000 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. Ending Inventory-Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO #of units Cost per unit Cost of Goods Available for Sale # of units Cost per sold unit Cost of Goods Sold # of units in ending Cost per unit inventory Ending Inventory Beginning Inventory 8,000 $ 8.00 $ 64,000 $ 8.00 $ 0 S 8.00 $ 0 Purchases. January 10 6,000 $9.00 54,000 $ 9.00 01 $ 9.00 0 January 18 Total 8,000 $10.00 22,000 80,000 S 10.00 0 $ 10.00 0 $ 198,000 0 $ 0 0 $ Q Search 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold-January 12 Cost of Goods Sold-January 20 Perpetual FIFO: # of Unit units Cost Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold sold Beg. Inventory 8,000 $ 8.00 $ 64,000 S 8.00 $ 0 $ 8.00 $ $ 8.00 $ 0 Purchases January 10 6,000 9.00 54,000 9.00 0 9.00 9.00 0 January 18 8,000 10.00 80,000 10.00 0 10.00 0 10.00 0 Total 22,000 $ 198,000 0 $ 0 0 $ 0 0 0 11,000 hand at the end of the month. ing Inventory and cost of goods sold for the month using FIFO, perpetual system. Goods Available for Sale Cost of Goods Sold-January 5 Cost of Goods Sold-January 12 Cost of Goods Sold-January 20 Inventory Balance Unit Cost Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold #of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Sale # of units in ending inventory Cost per unit Ending Inventory $8.00 $ 64,000 S 8.00 $ of S 8.00 $ 0 $ 800 $ 0 $ 8.00 $ 0 9.00 54,000 9.00 0 9.00 0 9.00 9.00 0 10.00 80,000 10.00 0 10.00 0 10.00 0 10.00 $ 108,000 0 S 0 0 $ 0 0 $ 0 0 $ 0 < Prev 11 12 13 of 13 Next > 11,000 units were on hand at the end of the month. Cost of Goods Available for Sale 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Ending Inventory - Average Cost Cost of Goods Sold - Average Cost Average Cost Unit # of units Cost Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory 8,000 $ 8.00 $ 64,000 Purchases January 10 6,000 $ 9.00 54,000 January 18 8,000 $10.00 80,000 Total 22,000 $ 198,000 $ 0 $ 0 < Prev 12 13 of 13 Next > 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.) Cost of Goods Sold Inventory on hand Perpetual Average Cost per # of units unit Inventory Value of units sold Avg.Cost per unit Cost of Goods Sold Beginning Inventory $ 0 Sale January 5 0 Subtotal Average Cost 0 0 Purchase January 10 0 Subtotal Average Cost of 0 Sale January 12 0 Subtotal Average Cost 0 0 Purchase January 18 0 Subtotal Average Cost 0 0 Sale January 20 0 Total 0 $ 0 0 $ 0