Hinson 10-2 Ending Inventory and COGS

Hinson 10-2 Ending Inventory and COGS - Beginning inventory...

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Student Name: Jamie Hinson Class: Intermediate Acco 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) 105,000 Cost of goods sold $48,000 Cost of ending inventory: Date of Total purchase Units Unit cost cost Jan. 18 6,000 $10.00 $60,000 Jan. 10 5,000 9.00 45,000 Totals 11,000 $105,000 2. LIFO, periodic system Cost of goods available for sale $153,000 Less: Ending inventory (calculation below) 93,000 Cost of goods sold $60,000 Cost of ending inventory: Date of Total purchase Units Unit cost cost Beginning inventory 6,000 $8.00 $48,000 Jan. 10 5,000 9.00 45,000 Totals 11,000 $93,000 3. LIFO, perpetual system Date Units Unit cost Purchased Sold
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Unformatted text preview: Beginning inventory 6,000 $8.00 $0 January 5 3,000 $8.00 $24,000 January 10 5,000 $9.00 $45,000 January 12 2,000 $9.00 $18,000 January 18 6,000 $10.00 $60,000 January 20 4,000 $10.00 $40,000 Total cost of goods sold: $82,000 4. Average cost, periodic system Cost of goods available for sale $153,000 Less: Ending inventory (calculation below) 72,000 Cost of goods sold $81,000 Cost of ending inventory: Weighted Avg. Unit Ending Units Cost Inventory 8,000 $9.00 $72,000 5. Average cost, perpetual system Date Units Unit cost Purchased Sold Beginning inventory 6,000 $8.00 $0 January 5 3,000 $8.00 $24,000 January 10 5,000 $9.00 $45,000 January 12 2,000 $9.000 $18,000 January 18 6,000 $10.00 $60,000 January 20 4,000 $10.0000 40,000 Cost of goods sold: $82,000 ounting I Balance $0 $24,000 $45,000 $18,000 $60,000 $40,000 Balance $0 $24,000 $45,000 $18,000 $60,000 $40,000...
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