[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 $5. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchases Unit Cost $ 6 7 Total Cost $30,000 42,000 72,000 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 FIFO Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of # of units Goods unit Available for Sale 6.000 $ 5.00 $ 30,000 Cost per # of units sold Cost per unit Cost of Goods Sold # of units in ending Inventory Cost per unit Ending Inventory $ 5.00 $ 0 $ 5.00 $ Beginning Inventory Purchases: January 10 January 18 Total 0 5,000 $ 6.00 6.000 $ 7.00 17,000 30,000 42,000 102,000 $ 9,000 $ 9,000 6.00 7.00 6.00 0 0 63,000 63,000 $ $ 48,000 $ 48,000 7.00 $ 336,000 $ 336,000 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 # of units unit Available for Sale 6,000 $ 5.00 $ 30,000 Cost per # of units sold Cost per Cost of Goods Sold unit Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory $ 5.00 $ 0 $ 5.00 $ 0 Beginning Inventory Purchases January 10 January 18 Total 0 5,000 $ 6.00 6,000 $ 7.00 17.000 30,000 42,000 102,000 $ $ 6.00 7.00 6.00 0 $ $ 0 7.00 $ 0 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 - Janua Perpetual FIFO # of es # of units Unit Cost Cost per Cost of Goods Available for Sale $ 30.000 units sold unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units Cost per sold unit Cos Goods 6,000 $ 5.00 $ 5.00 $ 0 $ 5.00 $ 0 $ 5.00 $ Beg. Inventory Purchases January 10 January 18 Total 5,000 6,000 17.000 6.00 7.00 0 30.000 42,000 102,000 6.00 7.00 6.00 7.00 0 6.00 7.00 0 $ 0 $ 0 0 $ 0 0 S ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Sold - Average Cost Average Cost Cost of Goods Available for Sale Cost of # of units Unit Goods Cost Available for Sale 6,000 $ 5.00 $ 30,000 # of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory - Average Cost # of units Average in ending Cost per Ending inventory unit Inventory Beginning Inventory Purchases: January 10 January 18 Total 5,000 $ 6.00 6,000 $ 7.00 17,000 30,000 42,000 102.000 places. Enter sales with a negative sign.) Inventory on hand Perpetual Average Cost of Goods Sold # of units Cost per unit Inventory Value # of units Avg.Cost sold 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
