Required information [The following information applies to the questions displayed below.) Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 9 Total Cost $40,000 54,000 94,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 8,000 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 Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 6,000 $ 7.00 $ 42,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 7.00 $ 0 $ 7.00 $ 0 Beginning Inventory Purchases: 5,000 $ 8.00 40,000 8.00 40,000 $ 8.00 0 January 10 January 18 Total 6,000 $ 9.00 54,000 5,000 $ 6,000 $ 11,000 9.00 $ 9.00 0 54,000 94,000 17,000 $ 136,000 $ 0 $ 0 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost per Cost per Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 6,000 $ 7.00 $ 42,000 # of units sold Cost of Goods Sold unit # of units in ending inventory unit Ending Inventory $ 7.00 $ 0 $ 7.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 5,000 $ 8.00 $ 8.00 0 $ 8.00 0 40,000 54,000 6,000 $ 9.00 $ 9.00 0 $ 9.00 0 17,000 $ 136,000 0 $ 0 0 $ 0 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost per Cost per Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 6,000 $ 7.00 $ 42,000 # of units sold Cost of Goods Sold unit # of units in ending inventory unit Ending Inventory $ 7.00 $ 0 $ 7.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 5,000 $ 8.00 $ 8.00 0 $ 8.00 0 40,000 54,000 6,000 $ 9.00 $ 9.00 0 $ 9.00 0 17,000 $ 136,000 0 $ 0 0 $ 0 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 Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Invento 6,000 $ 7.00 $ 42,000 $ 7.00 $ 7.00 $ 7.00 $ 7.00 $ Beg. Inventory Purchases: January 10 January 18 Total 8.00 8.00 8.00 0 8.00 8.00 5,000 6,000 40,000 54,000 9.00 9.00 9.00 0 9.00 0 9.00 17,000 $ 136,000 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Cost of Goods Available for Sale Cost of # of units Goods Cost Available for Sale 6,000 $ 7.00 $ 42,000 Unit # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory Purchases: $ 8.00 40,000 January 10 January 18 Total 5,000 6,000 17,000 $ 9.00 54,000 $ 136,000 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.) Inventory on hand Cost of Goods Sold Perpetual Average # of units Cost per unit Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold $ 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 0 $ 0
