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pt5
Problem 8-5 (Algo) Various Inventory costing methods (L08-1,8-4) [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 $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase units Unit Cost" Total Cost 3,000 $9 $27, Jan. 18 40,00 Totals 7,000 67,000 Jan. 10 4.000 10 * Includes purchase price and cost of freight Units 2,000 Date of Sale Jan. 5 Jan. 12 Jan. 20 Total 3.000 6,000 5,000 units were on hand at the end of the month Problem 8-5 (Algo) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO periodic system Coul of God Enero cofoods Available for Sale Coat CA Gonde Cet per 5 32,000 5 4.000 5800 000 5 5 300 3 0 Begurving Inventory Purchases 1 100 3,000 4000 5 000 5 10.00 27.000 40 000 0.000 5 5 9.00 100D 0 O 0 3 Total 0 0 11 000 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 Ending Inventory Periodic LIFO UTO Cost of Goods. Available for Sale Cost of Cost per Goods of units ht Available for Sale 4000 S 8.00 S 32.000 of units Cost per Cost per sold Cost of Goods Sold unit of units in ending inventory unit Ending Inventory $ 8.00 $ 5 8.00 S 0 Beginning inventory Purchases January 10 January 18 Total S 9.00 3 000 $ 9.00 4.000 $10.00 11,000 27.000 40,000 99,000 9.00 10.00 $ 5 OO $ 10 00 S 0 5 0 3 Problem 8.5 (Algo) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FF, pepe Contot Good Sold January Cost of Goods sold Janary 12 Cort of Goods Able for Castor to Unit Cost Aaltor Cost of Good Soliday Inventory Balance Goods wo Cost per Coatot Goods sold Octs Cat und Cost of Good Coat per Custof SOLE Cont per Ending Goods Sold ending 4.000 5.500 un 32.000 5 1003 1 BS $ 2005 0 5 8005 01 day 10 Januwy 18 Tot 3.000 4,000 11,000 9.00 1000 O 27.000 40,000 9000 9.00 10.00 200 18.00 0 0 0.00 1000 5 3.00 19.00 5 0 O 0 0 > Problem 8-5 (Algo) Part 4 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 CO Cost of Goods Available for Sale Cost of Unit Goods # of units Cost Available for Sale 4,000 $ 3.00 $ 32,000 of units sold Average Cost per Unit Cost of Goods Sold of units in ending inventory Average Cont per unit Ending Inventory Beginning Inventory Purchases January 10 January 10 Total 3,000 $ 9.00 4,000 $ 10.00 11,000 27,000 40,000 99,000 $ Problem 8-5 (Algo) Part 5 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 Perpetual Average of units Cost per Inventory Cost of Goods Sold of units Avg.Coat Cost of Sold perut Goods Sold unit Value 5 D 0 0 0 0 Beginning inventory Sale January 5 Subtotal Average Cout Purchase - January 10 Subtotal Average cost Sale - January 12 Subtotal Average Cost Puchse - January 15 Subtotal Average Cont Salary 20 Total 0 0 0 0 5 0
