Homework Answers
1.
| FIFO - Periodic | ||
| Ending inventory | 1355000 | [(14500*90)+(500*100)] |
| Cost of goods sold | 3500000 | [4855000-1355000] |
2.
| Weighted average - Periodic | ||
| Average cost per unit | 97.1 | [4855000/50000] |
| Ending inventory | 1456500 | [15000*97.1] |
| Cost of goods sold | 3398500 | [(50000-15000)*97.1] |
3.
| Specific identification | ||
| Ending inventory | 1620000 | [(6000*120)+(9000*100)] |
| Cost of goods sold | 3235000 | [4855000-1620000] |
Workings:
| Lot no | Units | Unit cost | Total cost |
| Beginning inventory | 10000 | 80 | 800000 |
| 1 | 2000 | 100 | 200000 |
| 2 | 8000 | 110 | 880000 |
| 3 | 6000 | 120 | 720000 |
| 4 | 9500 | 100 | 950000 |
| 5 | 14500 | 90 | 1305000 |
| Total cost of goods available for sale | 50000 | 4855000 |
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2 WORLU the beginning of andise with unit cost Unit cost 120 Problem 11-2 (ACP) Furlough...
Ferris Company began January with 6,000 units of its principal product. The cost of each unit...
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the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
10
$
60,000
Jan. 18
7,000
11
77,000
Totals
13,000
137,000
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Date of Sale
Units
Jan. 5
3,000
Jan. 12
1,000
Jan. 20
4,000
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8,000
12,000 units were on...
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Date of Purchase
Units
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Total Cost
Jan. 10
6,000
$
9
$
54,000
Jan. 18
9,000
10
90,000
Totals
15,000
$
144,000
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Sales
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Jan. 5
5,000
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3,000
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6,000
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14,000...
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Units
Unit Cost*
Total Cost
Jan. 10
3,000
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8
$
24,000
Jan. 18
4,000
9
36,000
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7,000
60,000
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2,000
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1,000
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3,000
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Ferris Company began January with 6,000 units of its principal product. The cost of each unit...
Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: 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. FIFO, perpetual system 4. Average cost, periodic system 5. Average cost, perpetual system
Ferris Company began January with 7,000 units of its principal
product. The cost of each unit is $9. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
10
$
60,000
Jan. 18
7,000
11
77,000
Totals
13,000
137,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
1,000
Jan. 20
4,000
Total
8,000
12,000 units were on...
Ferris Company began 2016 with 9,000 units of its principal
product. The cost of each unit is $8. Merchandise transactions for
the month of January 2016 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
9
$
54,000
Jan. 18
9,000
10
90,000
Totals
15,000
$
144,000
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Sales
Date of Sale
Units
Jan. 5
5,000
Jan. 12
3,000
Jan. 20
6,000
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Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
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3,000
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Jan. 18
4,000
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36,000
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60,000
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2,000
Jan. 12
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Jan. 20
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