Saved Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] [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 $7 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 $ 8 9 Total cost $24,000 36,000 60,000 *Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 28 Total Units 2,000 1,000 3,000 6,000 ucation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Faamu blackboard.com%252Fweba dems Saved . 5,000 units were on hand at the end of the month Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO periodic system Cost of Goods Sold Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods unit Available for Sale 4,000 $ 7.00 $ 28,000 of units Cost per # of units sold Cost per Ending Inventory. Porodie LFO W of units Ending in ending unil inventory Inventory Cost per Cost of Goods Sold unit $ 7.00 $ 7.00 Beginning Inventory Purchases January 10 January 18 Total $ 8.00 3,000 $ 8.00 4,000 $ 9.00 11,000 24,000 36,000 88,000 8.00 9.00 $ $ $ 9.00 $ Saved Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] [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 $7 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 $ 8 9 Total cost $24,000 36,000 60,000 *Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 28 Total Units 2,000 1,000 3,000 6,000 ucation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Faamu blackboard.com%252Fweba dems Saved . 5,000 units were on hand at the end of the month Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO periodic system Cost of Goods Sold Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods unit Available for Sale 4,000 $ 7.00 $ 28,000 of units Cost per # of units sold Cost per Ending Inventory. Porodie LFO W of units Ending in ending unil inventory Inventory Cost per Cost of Goods Sold unit $ 7.00 $ 7.00 Beginning Inventory Purchases January 10 January 18 Total $ 8.00 3,000 $ 8.00 4,000 $ 9.00 11,000 24,000 36,000 88,000 8.00 9.00 $ $ $ 9.00 $
