Ferris Company began January with 6,000 units of its principal product. The cost of each...
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Ferris Company began January with 6,000 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 Units 5,000 6,000 11,000 Purchases Unit Cost* $ 6 7 Total Cost $30,000 42,000 72,000 Totals * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 2,000 4,000 9,000 Total 8,000 units were on hand at the end of the month. . Calculate January's ending inventory and cost of goods sold for the using periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost per Cost of Goods Available for Sale Cost of Goods # of units unit Available for Sale 6,000 $ 5.00 $ 30,000 Cost per # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory unit Ending Inventory $ 5.00 $ 5.00 Beginning Inventory Purchases: January 10 January 18 $ 6.00 $ 6.00 $ 5,000 6,000 17,000 30,000 42,000 102,000 6.00 7.00 $ 7.00 $ 7.00 $ Total $
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