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Ferris Company began January with 8,000 units of its principal product. The cost of each...

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Accounting

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Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Purchases Unit Cost $ 8 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 Total cost $ 48,000 72,000 120,000 Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4,000 2,000 5,000 11,000 11,000 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 Avallable for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIEO of units Cost per of units Cost per # of units in ending Inventory Cost of Goods Sold Cost per unit Ending Inventory sold unit Cost of Goods unit Available for Sale 8,000 $ 7.00 $ 56.000 $ 0 7.00 $ $ 0 7.00 $ Beginning Inventory Purchases: January 10 January 18 $ 8.00 0 $ $ 8.00 9.00 OO 6.000 $ 8.00 8,000 $ 9.00 22.000 48,000 72,000 176.000 $ 9.00 0 0 0 0 $ $ 0 $ Total

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