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Ferris Company began 2018 with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January...
Ferris Company began 2018 with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January 2018 are as follows:
PurchasesDate of PurchaseUnits Unit Cost*Total CostJan. 103,000 $8 $24,000 Jan. 184,000 9 36,000 Totals7,000 60,000
*Includes purchase price and cost of freight.
SalesDate of SaleUnits Jan. 52,000 Jan. 121,000 Jan. 203,000 Total6,000
5,000 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.
