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Ferris Company began January with 6,000 units of its principal product. The cost of each...

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Accounting

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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: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchases Unit Coat $ 9 10 Total Cost $ 45,000 60,000 $105,000 Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO periodic system. Ending Inventory . Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of # of units Cost per Goods #of units Cost of unit Available for sold unit Goods Sold Sale 6,000 $ 8.00 $ 48,000 $ 8.00 $ 0 Cost per # of units in ending inventory Cost per unit Ending Inventory $ 8.00 $ 0 Beginning Inventory Purchases January 10 5,000 $ 9.00 45,000 5 9.00 9.00 0 5

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