Required information (The following information applies to the questions displayed below.) Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 3,000 4,000 7,000 Purchases Unit Cost Total Cost $ 9 $ 27,000 10 40,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,000 1,000 3,000 6,000 5,000 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. # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods # of units Cost per Cost of unit Available for sold unit Goods Sold Sale 4,000 $ 8.00 $ 32,000 $ 8.00 $ 0 Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit Inventory Inventory $ 8.00 $ 0 0 $ 9.00 Beginning Inventory Purchases January 10 January 18 Total 0 3,000 $9.00 4,000 $10.00 11,000 27,000 40,000 99,000 $ S 9.00 10.00 $ 10.00 0 0 0 0 $ $ 0 $ 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 4,000 $ 8.00 $ 32,000 $ 8.00 # of units in ending inventory Cost per unit Ending Inventory $ 8.00 Beginning Inventory Purchases: January 10 January 18 Total $ 9.00 $ 9.00 + 3,000 $ 9.00 4,000 $ 10.00 11,000 27,000 40,000 99,000 $ 10.00 $ 10.00 $ MacBook Pro 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Inventor Cost of Goods Sold - January 20 # of Perpetual FIFO: Cost Cost of Goods Available for Sale Cost of #of Unit Goods units Cost Available for Sale 4,000 $8.00 $ 32,000 Cost per unit Cost of Goods Sold units of units Cost per sold unit Cost of Goods Sold of units Cost per sold unit Cost of Goods Sold of units In ending Inventory sold $ $ $ $ 8.00 8.00 8.00 9.00 9.00 Beg. Inventory Purchases January 10 January 18 Total 9.00 10.00 9.00 10.00 0 3,000 4,000 11,000 10.00 or 10.00 27.000 40,000 99,000 $ 4. 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 Unit Goods # of units Cost Available for Sale 4,000 $ 8,00 $ 32.000 Cost of Goods Sold - Average Cost # of units Average Cost per Cost of sold Unit Goods Sold Ending Inventory - Average Cost # of units Average in ending Ending Inventory unit Inventory Average Cost ces Cost per Beginning Inventory Purchases January 10 January 18 Total 3,000 4,000 11.000 $ 9.00 $ 10.00 27.000 40,000 99,000 $ 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 Perpetual Average Inventory on hand Inventory # of units Value Cost per unit of units sold Avg Cost per unit Cost of Goods Sold 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
