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Ferris Company began 2013 with 6.000 units of its principal product. The cost of each unit is 58. Me transactions for the month of January 2013 are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 "Includes purchase price and cost of freight. Purchases Unit Cost $9 10 Total Cost $ 45,000 60,000 $105,000

Ferris Company began 2013 with 6.000 units of its principal product. The cost of each unit is 58. Me transactions for the month of January 2013 are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 "Includes purchase price and cost of freight. Purchases Unit Cost $9 10 Total Cost $ 45,000 60,000 $105,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ferris Company began 2013 with 6.000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2013 are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 "Includes purchase price and cost of breight. Purchases Unit Cost" $9 10 Total Cost $ 45,000 60,000 $105,000
Transcribed Image Text:Ferris Company began 2013 with 6.000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2013 are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 "Includes purchase price and cost of breight. Purchases Unit Cost" $9 10 Total Cost $ 45,000 60,000 $105,000
Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Sales Units 3,000 2,000 4,000 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 pation for the quarter ended March 31
Transcribed Image Text:Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Sales Units 3,000 2,000 4,000 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 pation for the quarter ended March 31
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