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Chap008

# Chap008 - Student Name Instructor Class McGraw-Hill/Irwin...

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Student Name: Instructor Class: McGraw-Hill/Irwin 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 Correct! 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. 18 6,000 \$10.00 \$60,000 Jan. 10 2,000 9.00 18,000 Totals 8,000 \$78,000 Correct! Correct! 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 Beginning inventory 6,000 \$8.00 \$48,000 Jan. 10 2,000 9.00 18,000 Totals 8,000 \$66,000 Correct! Correct! 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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Student Name: Instructor Class: McGraw-Hill/Irwin Problem 08-05 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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Chap008 - Student Name Instructor Class McGraw-Hill/Irwin...

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