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 Ferris Company began 2016 with 6,000 units of its principal product. The cost of each unit is $8. Merchandisetransactions for the month of January 2016 are as follows:PurchasesDate of PurchaseTotal CostUnitsUnit Cost*$ 9$ 45,00060,000Jan. 105,0006,000Jan. 1810Totals11,000$105,000*Includes purchase price and cost of freight.SalesDate of SaleUnitsJan. 53,0002,0004,000Jan. 12Jan. 20Total9,0008,000 units were on hand at the end of the month.

Name: Required: Calculate January’s ending inventory and cost of goods sold
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 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

1.Calculate The ending inventory and cost of goods sold for the month of January in the following…

Answered: Ferris Company began 2016 with 6,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

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

Ferris Company began 2016 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise
transactions for the month of January 2016 are as follows:
Purchases
Date of Purchase
Total Cost
Units
Unit Cost*
$ 9
$ 45,000
60,000
Jan. 10
5,000
6,000
Jan. 18
10
Totals
11,000
$105,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
2,000
4,000
Jan. 12
Jan. 20
Total
9,000
8,000 units were on hand at the end of the month.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 6 steps with 6 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions