Question

Ferris Company began 2011 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2011 are as follows:


Sale
Date of sale Units
Jan. 5 ......... 3,000
Jan. 12 ........ 2,000
Jan. 20 ........ 4,000
Total ......... 9,000

8,000 units were on hand at the end of the month.

Required:
Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives:

1. FIFO, periodic system
2. LIFO, periodic system
3. LIFO, perpetual system
4. Average cost, periodic system
5. Average cost, perpetualsystem


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  • CreatedJuly 02, 2013
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