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Fill in the bolded cells Ferris Company began 2016 with 7,000 units of its principal product. The cost of each unit is $8 Merchandise transactions
Fill in the bolded cells
Ferris Company began 2016 with 7,000 units of its principal product. The cost of each unit is $8 Merchandise transactions for the month of January 2016 are as follows ases (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Inventory on hand Cost of Goods Sold Jan. 10 Jan. 18 Date of Purchase Units Unit Cost* Total Cost $ 36,000 70,000 4,000 S 9 7,000 Perpetual Average Cost per unit Inventory Value | # of units sold Avg.cost per unit Goods Sold Cost of 10 # of units Totals 11,000 $106,000 Beginning Inventory Sale January 5 Subtotal Average Cost Purchase -January 10 Subtotal Average Cost Sale January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale January 20 Total Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 1,000 4,000 Total 8,000 10,000 units were on hand at the end of the month Required Calculate January's ending inventory and cost of goods sold for the month using each of the following alternativesStep by Step Solution
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