Ferris Company began 2016 with 6,000 units of its principal product. The cost of

Question

Ferris Company began 2016 with 6,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January 2016 are as follows Purchases Date of Purchase Jan. 10 ni Units Cost* Total Cost 5,000 6 6,000 $30,000 42,000 Totals 11,000 $72,000 "Includes purchase price and cost of freight. Sales Units 3,000 2,000 4,000 Date of Sale Jan. 5 Jan. 20 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 Cost of Goods Available for Sale Cost of Goods Sold Periodic FIFO Cost of Goods per unit Available forsold Sale Cost of Goods Sold in ending Cost per Endin Ending Inventory - Periodic FIFO # of units inventory FIFO Cost # of units Cost per # of units Inventory 0.00 $ Beginning Inventory Purchases 0 January 10 January 18 0 0.00 0.00 0 0 Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO Ending Inventory - Periodic LIFO Cost of Goods per unit Available forsold Sale # of units LIFO Cost # of units Cost per Goods Sold in ending inventory Cost of cost per Ending Inventory # of units 0.00 $ Beginning Inventory Purchases January 10 January 18 0.00 0.00 0 Total 0 0 Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Cost of Average Goods Average Ending # of units sold Average cost per # of units Goods Sold inventory Average Cost Cost of # of units cost. Available for per unit in ending Cost per Inventory Unit Sale Beginning Inventory Purchases January 10 January 18 0 0

Explanation / Answer

Solution.

FIFO Cost of Goods Available for sale Cost of Goods Sold Ending Inventory # 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 inventory Cost per unit Ending Inventory Beginning Invntory 6000 $5 $30000 6000 $5 $30000 - - Purchases January 10 5000 $6 $30000 3000 $6 $18000 2000 $6 $12000 January 18 6000 $7 $42000 - - 6000 $7 $42000 Total 17000 $102000 9000 $48000 8000 $54000

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