[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 $7. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Jan. 10 6,000 $ 8 Total Cost $ 48,000 Jan. 18 7,000 9 63,000 Totals 13,000 111,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 1,000 Jan. 20 4,000 Total 8,000 12,000 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. Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory inventory Beginning Inventory 7,000 $7.00 $ 49,000 $ 7.00 $ 7.00 Purchases: January 10 January 18 6,000 $8.00 48,000 $ 8.00 $ 8.00 7,000 $9.00 63,000 $ 9.00 $ 9.00 Total 20,000 $ 160,000 Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Ending Inventory - Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory inventory Beginning Inventory 7,000 $7.00 $ 49,000 $ 7.00 $ 0 $ 7.00 $ 0 Purchases: January 10 6,000 $ 8.00 48,000 $ 8.00 0 $ 8.00 0 January 18 7,000 $9.00 63,000 $ 9.00 0 $ 9.00 0 Total 20,000 $ 160,000 0 $ 0 0 $ 0 3. 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 # of units Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold sold in ending inventory Cost per unit Ending Inventory Beg. Inventory 7,000 $7.00 $ 49,000 $ 7.00 $ 7.00 $ 7.00 $ 7.00 $ 0 Purchases: January 10 6,000 8.00 48,000 8.00 January 18 7,000 9.00 63,000 9.00 8.00 0 8.00 8.00 9.00 0 9.00 0 9.00 Total 20,000 $ 160,000 Cost of Goods Available for Sale Average Cost # of units Unit Cost Cost of Goods Available for Sale # of units sold 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. Ending Inventory - Average Cost Average Cost per unit Ending Inventory Cost of Goods Sold - Average Cost Average Cost per Unit Cost of Goods Sold # of units in ending inventory Beginning Inventory 7,000 $7.00 $ 49,000 Purchases: January 10 6,000 $ 8.00 48,000 January 18 7,000 $9.00 63,000 Total 20,000 S 160,000 $ 0 $ 0 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 Cost of Goods Sold Perpetual Average # of units Cost per unit Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold Beginning Inventory Sale - January 5 $ 0 0 Subtotal Average Cost 0 0 - Purchase January 10 0 Subtotal Average Cost 0 0 - Sale January 12 0 Subtotal Average Cost 0 0 Purchase - January 18 0 Subtotal Average Cost 0 0 Sale January 20 Total - 0 0 $ 69 0 0 $ 0