10.

Required information (The following information applies to the questions displayed below.) Ferris Company began January with 6,000 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 Units 5,000 6,000 11,000 Purchases Unit Cost* $ 9 10 Total Cost $ 45,000 60,000 $105,000 Totals * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 8,000 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 per Cost per Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 6,000 $ 8.00 $ 48,000 # of units sold Cost of Goods Sold # of units in ending inventory Ending Inventory unit unit $ 8.00 $ 0 $ 8.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 45,000 $ 9.00 0 $ 9.00 0 5,000 $ 9.00 6,000 $ 10.00 17,000 $ 10.00 0 $ 10.00 0 60,000 153,000 $ 0 $ 0 0 $ 0