Required Information [The following information applies to the questions displayed below.] Ferris Company began January...
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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 4,699 7,000 11,099 Purchases Unit Cost $ 9 le Total Cost $ 36,000 70.ee 106,eee * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 2e Total Units 3,080 1,we 4,000 8,000 10,000 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. Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Cost Goods # of units per unit Available for Sale 7,000 $ 8.00 $ 56,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 8.00 S 0 s 8.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ 9.00 s 9.00 0 S 9.00 0 4,000 7,000 18,000 $10.00 36,000 70.000 182.000 $ 10.00 0 S 10.00 OOO ol $ 0 $ 0 0 $ 0
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