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please help Required information [The following information applies to the questions displayed below.) Ferris Company began January with 4.000 units of its principal product. The
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Required information [The following information applies to the questions displayed below.) Ferris Company began January with 4.000 units of its principal product. The cost of each unit is $8 Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Units 3,000 4,000 7.000 Purchases Unit Cost $9 10 Total Cost $27,000 40,000 67,000 Totals * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Units 2,000 1,000 3,000 6,000 Jan. 20 Total 5,000 units were on hand at the end of the month Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system Jan. S Jan. 12 Jan. 20 2,000 1,800 3,000 6,000 Total 5,000 units were on hand at the end of the month Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost per Cost per # of units sold Cost of Goods Sold # of units in ending inventory Ending Inventory unit Cost of Cost per Goods # of units unit Available for Sale 4,000 $ 800 $ 32,000 unit $ 0 800 $ $ 0 800 S 0 9.00 S 0 Beginning Inventory Purchases January 10 January 18 Total $ 9.00 27,000 0 3,000 5900 4,000 $ 10.00 11,000 S 1000 S 10.00 40,000 0 0 0 $ 0 $ 99.000 $ 0 Step by Step Solution
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