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 $9. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Units 6,000 7,000 13,000 Purchases Unit Cost* $ 10 11 Total Cost $ 60,000 77,000 137,000 Totals * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 1,000 4,000 8,000 Total 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. X Answer is not complete. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Cost # of Goods units per Available unit for Sale Cost Cost # of units sold Cost of Goods Sold # of units in ending inventory Ending Inventory per unit per unit 7,000 $9.00 $ 63,000 6,000 $ 9.00 $ 54,000 $ 9.00 $ 0 Beginning Inventory Purchases: January 10 6,000 60,000 0 $ 10.00 0 $ 10.00 0 $ 10.00 $ 11.00 January 18 7,000 77,000 $ 11.00 0 $ 11.00 0 Total 20,000 $ 200,000 6,000 $ 54,000 0 $ O 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. X Answer is not complete. Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Invento Perpetual FIFO: Cost of Goods Available for Sale Cost of # of Unit Goods units Cost Available for Sale Cost # of units sold Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory C pei per unit 7,000 $ 9.00 $ 63,000 $ 9.00 $ 0 9.00 $ 0 $ 9.00 0 $ Beg. Inventory Purchases: 10.00 10.00 0 10.00 0 10.00 0 January 10 January 18 Total 6,000 7,000 20,000 11.00 60,000 77,000 $ 200,000 11.00 0 11.00 0 11.00 0 0 $ 0 O $ O 0 $ 0 0 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. X Answer is not complete. Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Cost of Goods Available for Sale Cost of # of Unit Goods units Cost Available for Sale # of units sold Average Cost Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory per Unit 7,000 $ 9.00 $ 63,000 Beginning Inventory Purchases: January 10 6,000 60,000 10.00 $ 11.00 January 18 7,000 77,000 Total 20,000 $ 200,000 13,700 $ 81.00 $ 0 1,109,700
