Please calculate LIFO perpetual system and Average cost, perpetualsystemFerris Company began January with 6,000 units of its principal product.The cost of each unit is $8. Merchandise transactions for the month of Januaryare as follows: "Includea purchase price and cost of freight. 8,000 units were onhand at the end of the month. Please show work. Directions are at the top tofind LIFO, perpetual system and Average cost, perpetual system. Units UnitCost Purchased Sold Balance Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows:PurchasesIncludes purchase price and cost of freight.8,000 units were on hand at the end of the month.Date of Purchase UnitsJan. 105,000Jan. 186,00011,000Total purchasesSalesDate of SaleJan. 5Jan. 12Jan. 20Total salesUnit Cost$910Units3,0002,0004,0009,000Total Cost$ 45,00060,000$105.000

Under perpetual inventory system, inventory records are updated continuously with each purchase and…

Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Includes purchase price and cost of fraight. 8,000 units were on hand at the end of the month Date of Purchase Units Jan. 10 5,000 Jan. 18 6,000 11.000 Total purchases Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total sales Unit Cost $9 10 Units 3,000 2,000 4,000 9,000 Total Cost $ 45,000 60,000 $105,000

Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Includes purchase price and cost of fraight. 8,000 units were on hand at the end of the month Date of Purchase Units Jan. 10 5,000 Jan. 18 6,000 11.000 Total purchases Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total sales Unit Cost $9 10 Units 3,000 2,000 4,000 9,000 Total Cost $ 45,000 60,000 $105,000

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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[The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…
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Lens Junction sells lenses for $43 each and is estimating sales of 15,000 units in January and 19,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $14 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,300 4,900 4,900 Direct materials: silicon 8,400 9,100 9,300 Direct materials: solution 11,000 11,800 12,900
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Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase Units Purchases Unit Cost* Total Cost January 10 6,000 $7 January 18 7,000 8 $ 42,000 56,000 Totals 13,000 $ 98,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 1,000 January 20 4,000 Total 8,000 12,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Answer is not complete. Inventory on hand Cost of Goods Sold Perpetual Average Cost Number per of units Inventory Value unit Number of units sold Average Cost per Cost of Goods unit Sold Beginning Inventory 7,000 6.0000 ( $…
6. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
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3. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.