PO 8-05 8-13

PO 8-05 8-13 - Student Name Class Problem 08-05 THE FERRIS...

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Student Name: Class: Problem 08-05 THE FERRIS COMPANY Inventory Cost of goods available for sale for periodic system: Units Unit cost Total cost Beginning inventory 6,000 \$8.00 \$48,000 Purchases 5,000 \$9.00 \$45,000 6,000 \$10.00 60,000 105,000 Cost of goods available 17,000 \$153,000 1. FIFO, periodic system Cost of goods available for sale \$153,000 Less: Ending inventory (calculation below) (78,000) «- Correct! Cost of goods sold \$75,000 «- Correct! Cost of ending inventory: Date of Total purchase Units Unit cost cost Jan. 10th 2,000 \$9.00 \$18,000 Jan. 18th 6,000 10.00 60,000 Totals 8,000 \$78,000 2. LIFO, periodic system Cost of goods available for sale \$153,000 Less: Ending inventory (calculation below) (66,000) «- Correct! Cost of goods sold \$87,000 «- Correct! Cost of ending inventory: Date of Total purchase Units Unit cost cost Jan. 5th 6,000 \$8.00 \$48,000 Jan. 10th 2,000 9.00 18,000 Totals 8,000 \$66,000 3. LIFO, perpetual system Date Units Unit cost Purchased Sold Balance Beginning inventory

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This note was uploaded on 02/24/2010 for the course ACCT 302 taught by Professor Staff during the Spring '08 term at Old Dominion.

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PO 8-05 8-13 - Student Name Class Problem 08-05 THE FERRIS...

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