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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online