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Need help calculating January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Ferris Company began January with 7,000 units
Need help calculating 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: Date of Purchase Jan. 10 Jan. 18 Purchases Unit Cost* $ 7 Units 6,000 7,000 13,000 8 Total Cost $ 42,000 56,000 98,000 Totals * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 12,000 units were on hand at the end of the month. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Perpetual FIFO: # of units Unit Cost Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold sold 0 $ 0.00 $ 0 $ 0.00 $ 0 Beg. Inventory Purchases: January 10 January 18 01 ol 0 0. 00 0.00 0.00 0.00 0 0 0 Total 0 $ 0 0 0 0 Cost of Goods Sold - January 20 Inventory Balance # of units Cost per sold # of units Cost of in ending Goods Sold) inventory Cost per unit Ending Inventory unit $ 0.00 $ 0 $ 6.00 $ 0. 000 0. 000 $ 0.00 0.00 - 0 0 0Step by Step Solution
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