Ferris Company began January with 9,000 units of its principal product. The cost of each...
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Accounting
Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $4. Merchandise transactions for the month of January are as follows:
| Purchases | |||||||||
| Date of Purchase | Units | Unit Cost* | Total Cost | ||||||
| Jan. 10 | 6,000 | $ | 5 | $ | 30,000 | ||||
| Jan. 18 | 9,000 | 6 | 54,000 | ||||||
| Totals | 15,000 | 84,000 | |||||||
* Includes purchase price and cost of freight.
| Sales | ||
| Date of Sale | Units | |
| Jan. 5 | 5,000 | |
| Jan. 12 | 3,000 | |
| Jan. 20 | 6,000 | |
| Total | 14,000 | |
10,000 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.
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