FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
LIFO
Beginning Inventory
Purchases:
January 10
January 18
Total
Cost of Goods Available for Sale Cost of Goods Sold-Periodic LIFO
Cost of
Goods # of units
Available for
sold
Sale
56,000
#of units
Cost per
unit
7,000 $ 8.00 $
4,000
$9.00
7,000 $10.00
18,000
$
36,000
70,000
162,000
0
Cost per
unit
$
$
$
Cost of
Goods Sold
8.00 $
9.00
10.00
$
0
0
0
0
Ending Inventory Periodic LIFO
Cost per
unit
# of units
in ending
inventory
0
$ 8.00 $
S
$
Ending
Inventory
9.00
10.00
$
0
0
0
0
![Required information
[The following information applies to the questions displayed below.]
Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise
transactions for the month of January are as follows:
Date of Purchase
Jan. 10
Jan. 18
Totals
Sales
Units
4,000
7,000
11,000
Date of Sale
Jan. S
Jan. 12.
Jan. 201
Total
Purchases
Includes purchase price and cost of freight.
Units
3,000
1,000
4,000
8,000
Unit Cost
$9
10
10,000 units were on hand at the end of the month.
Total Cost
$ 36,000
70,000
106,000](https://content.bartleby.com/qna-images/question/35b8eaa4-851c-4a78-8b8b-c59cd6b8a072/4bca5fb7-0abe-4ca1-995d-8a15eb8963f4/6y535l_processed.jpeg)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise
transactions for the month of January are as follows:
Date of Purchase
Jan. 10
Jan. 18
Totals
Sales
Units
4,000
7,000
11,000
Date of Sale
Jan. S
Jan. 12.
Jan. 201
Total
Purchases
Includes purchase price and cost of freight.
Units
3,000
1,000
4,000
8,000
Unit Cost
$9
10
10,000 units were on hand at the end of the month.
Total Cost
$ 36,000
70,000
106,000
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