acc305_wk_4_p8_5

Apr 17th, 2015
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Aberystwyth University
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Hi there.This document contains A+ work for the course ACC 305.I am sure that this work will not disappoint you.This document will give you the correct answers to the respective questions about the particular course.

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Student Name: InstructorClass: McGraw-Hill/IrwinProblem 08-05THE FERRIS COMPANYInventoryCost of goods available for sale for periodic system:Beginning inventoryPurchasesCost of goods availableUnits6,0005,0006,00017,000$$$Unit cost8.009.0010.00$$Total cost48,000$105,000153,00045,00060,000Correct!1. FIFO, periodic systemCost of goods available for saleLess: Ending inventory (calculation below)Cost of goods sold$$153,000(78,000)75,000- Correct!- Correct!Cost of ending inventory:Date ofpurchaseJan. 18Jan. 10TotalsUnits6,0002,0008,000Unit cost$10.009.00$$Correct!Totalcost60,00018,00078,000Correct!2. LIFO, periodic systemCost of goods available for saleLess: Ending inventory (calculation below)Cost of goods soldCost of ending inventory:Date ofpurchaseBeginning inventoryJan. 10TotalsUnits6,000

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