Ferris Company began 2016 with 6,000 units of its principal product. The cost of each...
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Accounting
| Ferris Company began 2016 with 6,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January 2016 are as follows: |
| Purchases | |||||||||
| Date of Purchase | Units | Unit Cost* | Total Cost | ||||||
| Jan. 10 | 5,000 | $ | 8 | $ | 40,000 | ||||
| Jan. 18 | 6,000 | 9 | 54,000 | ||||||
| Totals | 11,000 | $ | 94,000 | ||||||
| *Includes purchase price and cost of freight. |
| Sales | ||||||
| Date of Sale | Units | |||||
| Jan. 5 | 3,000 | |||||
| Jan. 12 | 2,000 | |||||
| Jan. 20 | 4,000 | |||||
| Total | 9,000 | |||||
| ||||||
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