Ferris Company began January with 8,000 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	8,000			8				64,000
Totals	14,000							106,000

* Includes purchase price and cost of freight.

Sales
Date of Sale	Units
Jan. 5	4,000
Jan. 12	2,000
Jan. 20	4,000
Total	10,000

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.

Required Information [The following information applies to the questions displayed below.] Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,080 8, eee 14, eee Purchases Unit Cost $ 7 8 Total Cost $ 42,eee 64,80 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 29 Total Units 4, eee 2,eee 4,000 19, eee 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. 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 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: # of Unit Cost units Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per 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 Beg. Inventory 8,000 $ 6.00 S 48.000 S 6.00 $ 0 0 s 6.00 0 S 6.00 $ $ 6.00 $ 0 Purchases 6,000 7.00 42.000 0 7.00 0 7.00 01 7.00 0 January 10 January 18 Total 7.00 8.00 8.00 0 8.00 0 8.00 01 8.00 0 8,000 22.000 64,000 154,000 S S 0 S 0 S 01 0 S