Required Information [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 $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Total Totals Date of Sale Jan. 5 Jan. 12 Jan. 20 Total * Includes purchase price and cost of freight. Sales LIFO Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 2,000 1,000 3,000 6,000 5,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO. periodic system. # of units 4,000 Cost of Goods Available for Sale Purchases Cost per unit Unit Cost* $8 $7.00 3,000 $ 8.00 4,000 $9.00 11,000 $ Total Cost $24,000 36,000 60,000 Cost of Goods # of units Available for sold Sale $ 28,000 24,000 36,000 88,000 Cost of Goods Sold - Periodic LIFO Cost per unit $ $ $ 7.00 8.00 9.00 Cost of Goods Sold Ending Inventory - Periodic LIFO # of units in ending inventory Cost per unit S $ S 7.00 8.00 9.00 Ending Inventory

Required Information [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 $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Total Totals Date of Sale Jan. 5 Jan. 12 Jan. 20 Total * Includes purchase price and cost of freight. Sales LIFO Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 2,000 1,000 3,000 6,000 5,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO. periodic system. # of units 4,000 Cost of Goods Available for Sale Purchases Cost per unit Unit Cost* $8 $7.00 3,000 $ 8.00 4,000 $9.00 11,000 $ Total Cost $24,000 36,000 60,000 Cost of Goods # of units Available for sold Sale $ 28,000 24,000 36,000 88,000 Cost of Goods Sold - Periodic LIFO Cost per unit $ $ $ 7.00 8.00 9.00 Cost of Goods Sold Ending Inventory - Periodic LIFO # of units in ending inventory Cost per unit S $ S 7.00 8.00 9.00 Ending Inventory

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10EA: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...

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