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Ferris Company began 2018 with 6,000 units of its principal product. The cost of each unit is $8. Me

Ferris Company began 2018 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2018 are as follows:
FIX THE ONE MISTAKE

  Purchases
Date of Purchase Units   Unit Cost* Total Cost
Jan. 10 5,000   $ 9     $ 45,000  
Jan. 18 6,000     10       60,000  
Totals 11,000             105,000  
 

* Includes purchase price and cost of freight.

Sales
Date of Sale Units  
Jan. 5 3,000  
Jan. 12 2,000  
Jan. 20 4,000  
Total 9,000  
 


8,000 units were on hand at the end of the month.

Required:
Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives:

1. FIFO, periodic system.
2. LIFO, periodic system.
3. LIFO, perpetual system.
4. Average cost, periodic system.
5. Average cost, perpetual system.
  

Complete this question by entering your answers in the tabs below. Required 5 Required 1 Required 2 Required 3 Required 4 Cal

Complete this question by entering your answers in the tabs below. Required 5 Required 1 Required 2 Required 3 Required 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 of Goods Available for Sale Ending Inventory -Average Cost Cost Cost of Goods Available for Sale #of units in ending inventory Average Cost Average Cost Cost of Goods Sold Average Cost #of units sold #of Unit Cost Ending Inventory units per Unit per unit 6,000 $8.00 Beginning Inventory Purchases: 48,000 5.000 $9.00 January 10 45,000 January 18 6.000 60,000 10.00 8,000 S Total 9.00 9.00 9,000 17,000 153,000 81,000 72.000 27.00 Fit

Apr 04 2020 Read more Less More

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