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Can you help me calculate # of units sold and # of units in ending inventory for January 10. I got $4,000 and $2,000 which
Can you help me calculate "# of units sold" and "# of units in ending inventory" for January 10. I got $4,000 and $2,000 which are wrong. Can you show your work. I am very confused why my answer is wrong. Thanks!
Ferris Company began January with 8,000 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 6,000 8,000 14,000 Purchases Unit Costs $ 9 10 Total Cost $ 54,000 80,000 134,000 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. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFO # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods # of units Cost of unit Available for sold unit Goods Sold Sale 8,000 $ 8.00 s 64,000 8,000 S 8.00 S 64,000 Ending Inventory - Periodic FIFO # of units Cost per in ending Ending unit inventory Inventory Cost per 0 S 8.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 4,000 $ 36,000 2,000 $ 9.00 6,000 $ 9.00 8,000 $ 10.00 22,000 54,000 80,000 198,000 9.00 10.00 0 $ 0 8.000 S 10.00 18,000 80,000 98,000 $ 12,000 $ 100,000 10,000 $Step by Step Solution
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