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Problem 8-5 and 8-13

Problem 8-5 and 8-13 - Student Name Class Problem 08-05 THE...

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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 6,000 $8.00 $48,000 $48,000 January 5 3,000 $8.00 $24,000 $24,000 January 10 5,000 $9.00 $45,000 $69,000 January 12 2,000 $9.00 $18,000 $51,000 January 18 6,000 $10.00 $60,000 $111,000 January 20 4,000 $10.00 $40,000 $71,000 «- Correct! Total cost of goods sold: $82,000 «- Correct!
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4. Average cost, periodic system Cost of goods available for sale $153,000 Less: Ending inventory (calculation below) (72,000) «- Correct!
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