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0 Required information [The following information applies to the questions displayed below) Ferris Company began...

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0 Required information [The following information applies to the questions displayed below) Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 9,000 15,000 Purchases Unit Cost $6 Total Cost $36.000 63,000 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 5,000 3,000 6,000 14,000 10,000 units were on hand at the end of the month 10,000 units were on hand at the end of the month Calculate January's ending inventory and cost of goods sold for the month using FIFO perpetual system 9,000 $5.00 S 45.000 5 500 5 500 $ 500 $ 5005 Beg Inwertery Purchases January 10 January 18 Total 6.00 0 600 6,000 9,000 24010 6.00 700 36,000 63.000 144,000 6.00 7.00 600 700 700 0 0 7.00

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