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 $7. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6, 900 $ 8 $ 48, 090 Jan. 18 8,009 9 72, 000 Totals 14, 000 120, 090 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 4,090 Jan. 12 2,090 Jan. 20 5,090 Total 11, 090 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. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Cost of FIFO # 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 Inventory Sale Beginning Inventory 8.000 $ 7.00 $ 56,000 $ 7.00 $ 0 $ 7.00 $ 0 Purchases: January 10 6.000 $ 8.00 48,000 8.00 C 8.00 C January 18 8,000 $ 9.00 72,000 $ 9.00 9.00 O Total 22,000 $ 176,000 0 $ 0 0 $ 02. 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 Cost of LIFO Goods # of units Cost per Cost of # of units # of units Cost per in ending Cost per Ending unit Available for sold unit Goods Sold unit Inventory Sale inventory Beginning Inventory 8,000 $ 7.00 $ 56,000 $ 7.00 $ 0 $ 7.00 $ 0 Purchases: January 10 6,000 $ 8.00 48,000 8.00 8.00 0 January 18 8.000 $ 9.00 72,000 9.00 0 9.00 0 Total 22,000 $ 176,000 0 $ C 0 $ 03. 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: Cost of # of Unit Goods # of Cost per Cost of units # of units Cost per Cost of # of units Cost per Cost of # of units Cost per Ending units Cost Available for unit Goods Sold sold unit Goods Sold sold unit sold Goods Sold in ending inventory unit Inventory Sale Beg. Inventory 8.000 $ 7.00 $ 56,000 7.00 $ 0 $ 7.00 $ 0 7.00 $ 0 7.00 0 Purchases: January 10 6,000 8.00 48,000 8.00 8.00 8.00 8.00 0 January 18 8.000 9.00 72,000 9.00 0 9.00 O 9.00 9.00 0 Total 22,000 $ 176,000 0 $ 0 0 $ 0 0 $ 0 0 $ 04. 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 Cost of Average Cost Unit Goods # of units Average Cost of # of units Average # of units Cost Available for sold Cost per Goods Sold in ending Cost per Ending Sale Unit inventory unit Inventory Beginning Inventory 8,000 $ 7.00 $ 56,000 Purchases: January 10 6.000 $ 8.00 48,000 January 18 8,000 $ 9.00 72,000 Total 22,000 $ 176,000 $ 0 05. 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.) Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 1!] 1B
