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		Unit Cost*			Total Cost
Jan. 10	6,000		$	7			$	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	3,000
Jan. 20	4,000
Total	10,000

10,000 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.

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		Unit Cost*			Total Cost
Jan. 10	6,000		$	7			$	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	3,000
Jan. 20	4,000
Total	10,000

10,000 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 Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost of # of Unit Goods units Cost Available for Sale 7,000 $ 6.00 $ 42.000 # 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 Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 0 0 $ 6.00 $ 0 6.00 $ 0 $ 6.00 $ 0 $ 6.00 $ 0 Beg. Inventory Purchases January 10 January 18 Total 7.00 7.00 0 n 0 0 6,000 7,000 20,000 7.00 8.00 42,000 3,000 56,000 7,000 140.000 10,000 21,000 56.000 7.00 8.00 7.00 8.00 8.00 8.00 0 0 0 $ $ $ 77,000 0 $ 0 0 $ 0 0 $ 0