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Ferris Company began January with 4.000 units of its principal product. The cost of each...

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Accounting

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Ferris Company began January with 4.000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totale Units 3,000 4,000 7.000 Purchases Unit Cost Total cost $ 7 $21,000 32,000 53,000 Includes purchase price and cost of freight Salon Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,000 1,000 3,000 6.000 5,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LiFO Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for LIFO Cost per of units sold Cost per un Cost of Goods Sold # of units In ending Inventory Ending Inventary unit $ $ 5 6.00 5.00 4.000 $ 6.00 24,000 $ 7.00 Beginning Inventory Purchases: January 10 January 18 Tot $ $ 3,000 $7.00 4,000 $8.00 11,000 5 21.000 32,000 77.000 7.00 8.00 8.00 $

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