Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information [the following information ap

Required Information [The following information applies to the questions displayed below.] Ferris Company began January...

60.1K

Verified Solution

Question

Accounting

image

Required Information [The following information applies to the questions displayed below.] Ferris Company began January with 7,000 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 4,00 7,000 11.ca Purchases Unit Cost $ 9 le Total Cost $ 36,000 70,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,080 1,000 4.ee 8, 8e 10.000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Unit Average Goods # of units Cost of # of units Cost Available for sold Cost per Unit Goods Sold Sale 7.000 $ 8.00 s 56,000 Ending Inventory - Average Cost # of units Average Ending in ending Cost per inventory unit Inventory Beginning Inventory Purchases: January 10 January 18 Total 4,000 $ 9.00 $ 10.00 7,000 18,000 36,000 70,000 162.000 s s 0 $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Identify three formal factors that affect Egypt's regionalization. These are the common human or environmental...

Physics
1.2K views

d Both assertion and reason are false 17 A particle is executing linear simple harmonic...

Physics
1.2K views

SA 2 The plot below shows a graph of a potential energy curve for a...

Basic Math
1.2K views

Venn diagram shown to list the set B in roster form 10 11 13 17...

Basic Math
1.2K views

Use graphs to find the set.(-6,6) n[-1,8]Select the correct choice below and, if necessary, fill...

Algebra
1.2K views

2 31 2 1 2 2 3 2 2 H 2 y sin x 1...

Accounting
1.2K views

Entries for installment Note Iransactions On the first day of the fiscal year, Shiller Company...

Accounting
1.2K views

accounkine recondi at their cost of $916000. Which equals their fair value. On September 21,...

Accounting
1.2K views

11. Globe-Democrat newspapers sold 360 of annual subscriptions for cash at $100 each on May...

Accounting
1.2K views

On January 1, Renoir Associates paid $6,400 for six months of rent. Assume no other...

Accounting
1.2K views

Problem 10-14 (Algo) Measures of Internal Business Process Performance (LO10-3) DataSpon, Incorporated automated its plant...

Accounting
1.2K views

Queen Energy Inc. issued bonds on January 1,2020, that pay interest semiannually on June 30...