Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Jan. 19 6,000 Unit Cost $ 7 Total Cost $42,000 Jan. 18 7,000 8 56,000 Totals 13,000 98,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 1,000 Jan. 20 4,000 Total 8,000 12,000 units were on hand at the end of the month. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Perpetual FIFO: # of units Unit Cost Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units Cost per sold unit # of units Cost of Goods Sold in ending inventory Cost per unit Inventory Balance Ending Inventory Beg. Inventory 7,000 $ 6.00 $ 42,000 $ 6.00 $ 0 $ 6.00 $ 0 $ 6.00 $ 0 $ 6.00 $ 0 Purchases: January 10 January 18 6,000 7.00 7,000 8.00 Total 20,000 S 42,000 56,000 140,000 7.00 0 7.00 0 7.00 0 7.00 0 8.00 0 8.00 0 8.00 0 8.00 0 0 $ 0 0 S 0 0 $ 0 0 $ 0 < Prev 3 4 5 of 9 Next >