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 Purchases Unit Costs $ 7 Units 6,800 7,880 13,000 8 Total Cost $42,888 56,000 98,888 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,880 1,080 4,888 8,888 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. Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Cost per Goods # of units Cost per Cost of # of units unit Available for sold unit Goods Sold Sale 7,000 $ 6.00 S 42,000 6.00 S 0 # of units in ending inventory Cost per unit Ending Inventory A S 6.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 1,000 $ 7.00 7,000 S 7.00 0 6,000 7,000 20.000 $ 7.00 $ 8.00 42,000 56,000 140,000 S 8.00 S 8.00 0 0 7,000 S 1,000 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,eee 7,080 13,000 Purchases Unit Cost $ 7 8 Total Cost $42,888 56,888 98,eee * 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 8,888 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. Ending Inventory - Periodic LIFO LIFO # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost per Cost of unit Available for sold unit Goods Sold Sale 7,000 $ 6.00 S 42.000 0 $ 6.00 S 0 # of units in ending inventory Cost per unit Ending Inventory S 6.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total S 7.00 0 S 6,000 7,000 20.000 $ 7.00 $ 8.00 42.000 56,000 140,000 7.00 8.00 0 0 S 8.00 S 0 0 S 0 S 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 Purchases Unit Costs $ 7 8 Units 6,eee 7,eee 13,eee Jan. 10 Jan. 18 Totals Total Cost $42,880 56,000 98,eee * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,eee 1,800 4,080 8,888 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 Sold - January 12 Cost of Goods Sold - January 20 - Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of # of # of Unit Goods Cost per Cost of units Cost units Available for unit sold Goods Sold Sale 7,000 $ 6.00 $ 42.000 3,000 $ 6.00 s 18.000 # of units Cost per sold unit Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 1,000 $ 6.00 $ 6,000 S $ 6.00 $ 0 $ 6.00 $ 0 Beg. Inventory Purchases: January 10 January 18 Total 0 7.00 0 0 0 6.000 7,000 7.00 8.00 42,000 56.000 7.00 8.00 7.00 8.00 7.00 8.00 0 8.00 0 0 0 0 20,000 $ $ 140,000 3,000 S 18,000 1,000 S 6,000 0 $ 0 $ 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, eee 7,000 13,000 Purchases Unit Cost $ 7 8 Total Cost $42,888 56,880 98,080 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,888 1,800 4,000 8,888 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. Average Cost Cost of Goods Available for Sale Cost of Unit Goods # of units Cost Available for Sale 7,000 $ 6.00 S 42.000 Cost of Goods Sold - Average Cost # of units Average Cost per Cost of sold Unit Ending Inventory - Average Cost # of units Average Cost per Ending inventory Inventory Goods Sold in ending unit 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 $ 0 12,000 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 Costs $ 7 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,eee 7,000 13,000 Total Cost $42,800 56,888 98,888 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,880 4,888 8,888 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.) Perpetual Average Inventory on hand Cost per # of units Inventory unit Value Cost of Goods Sold # of units Avg.Cost Cost of sold per unit Goods Sold 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 0 0 S 0 S 0