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. 19 Totals Units 6,000 7,000 13,000 Purchases Unit Cost $ 7 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 1,000 B,000 12,000 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 FIFO Cost of Goods Available for Sale Cost of Cost # of units Goods per unit Available for Sale 7.000 $ 6.00 S 42,000 # of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic FIFO # of units Cost per in ending Ending unit inventory Inventory S 6.00 S 0 S 6.00 S 0 Beginning Inventory Purchases January 10 January 18 Total S 7.00 0 S 7.00 0 6,000 7.000 20,000 $ 7.00 $ 8.00 42.000 56,000 140,000 S 8.00 0 S 8.00 0 S 0 S 0 0 S 0 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: Purchases Unit Cost $ 7 Date of Purchase Jan. 10 Jan. 19 Totals Units 6,000 7,000 13,000 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 1,000 4,000 B,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 Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of # of units Goods unit Available for Sale 7.000 S 6.00 S 42,000 Cost per Cost per # of units sold Cost of Goods Sold Ending Inventory - Periodic LIFO # of units in ending Cost per Ending unit Inventory inventory S 6.00 S 0 unit S 6.00 S 0 Beginning Inventory Purchases January 10 January 18 Total S 7.00 S 7.00 0 7.00 0 6,000 7,000 20,000 $ 8.00 42,000 56,000 140,000 lu S 8.00 0 8.00 0 S 0 S 0 0 S 0 - 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 $ 7 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 1,000 4,000 B,000 12,000 units were on hand at the end of the month. 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 Inventory Balance Perpetual FIFO # of units Unit Cost # of units sold Cost of Goods Available for Sale S 42,000 Cost per unit Cost per Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units Cost per sold unit # of units in ending inventory Cost of Goods Sold Ending Inventory unit 7.000 S 6.00 S 6.00 S 0 S 6.00 S 0 S 6.00 S 0 S 6.00 S 0 Beg. Inventory Purchases: January 10 January 18 Total 7.00 0 7.00 0 6,000 7.000 20,000 42,000 56,000 140,000 7.00 8.00 0 0 7.00 8.00 7.00 8.00 0 0 8.00 0 8.00 0 S 0 S 0 0 S 0 0 S 0 0 S 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* $ 7 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 1,000 B,000 12,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Ending Inventory - Average Cost Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Unit Average # of units Goods # of units Cost of Cost per Cost Available for sold Unit Goods Sold Sale 7,000 $ 6.00 S 42.000 # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory Purchases: January 10 January 18 Total 6,000 7,000 20,000 $ 7.00 $ 8.00 42.000 56,000 140,000 S S 0 S 0 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 Costs $ 7 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 1,000 4,000 B,000 12,000 units were on hand at the end of the month. 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 unit Cost of Goods Sold # of units Avg. Cost Cost of sold per unit Goods Sold Inventory Value S 0 0 0 0 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 S 0 0 S 0