Fill in the bolded cells Ferris Company began 2016 with 7,000 units of its princ

Question

Fill in the bolded cells

Ferris Company began 2016 with 7,000 units of its principal product. The cost of each unit is $8 Merchandise transactions for the month of January 2016 are as follows Purchases Jan. 10 Jan. 18 Date of Purchase Units Unit Cost Total Cost $ 36,000 70,000 4,000 S 9 7,000 Totals 11,000 $106,000 ?ncludes purchase price and cost of freight Sales Date of Sale Jan. Jan. 12 Jan. 20 Units 3,000 1,000 4,000 Total 8,000 10,000 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 Ending Inventory - Periodic LIFO # of units inventory Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Cost per Cost per unit # of units Cost of # of units unit Available for Goods Sold in ending Cost per End sold unit Inventory Sale $ 0.00 S $ 0.00 S Beginning Inventory Purchases January 10 January 18 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Total

Explanation / Answer

Answer:

.

LIFO

Cost of goods available for sale

Cost of goods sold-
periodic LIFO

Ending inventory-
periodic LIFO

Unit

Cost

Cost
og goods
available for sale

Unit

Cost

Cost
og goods
available for sale

Unit

Cost

Cost
og goods
available for sale

Beginig

7000

8

56000

7000

8

56000

Purchase

10-Jan

4000

9

36000

1000

9

9000

3000

9

27000

18-Jan

7000

10

70000

7000

10

70000

Total

18000

162000

8000

79000

10000

83000

LIFO

Cost of goods available for sale

Cost of goods sold-
periodic LIFO

Ending inventory-
periodic LIFO

Unit

Cost

Cost
og goods
available for sale

Unit

Cost

Cost
og goods
available for sale

Unit

Cost

Cost
og goods
available for sale

Beginig

7000

8

56000

7000

8

56000

Purchase

10-Jan

4000

9

36000

1000

9

9000

3000

9

27000

18-Jan

7000

10

70000

7000

10

70000

Total

18000

162000

8000

79000

10000

83000

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