Written Assignment 5

Written Assignment 5 - Student Name: Dustin Taylor Class:...

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Student Name: Dustin Taylor Class: ACC 201 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. 10 2,000 $9.00 $18,000 Jan. 18 6,000 10.00 60,000 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
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Written Assignment 5 - Student Name: Dustin Taylor Class:...

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