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Required information Skip to question [The following information applies to the questions displayed below.] Ferris Company began January with 9,000 units of its principal product.
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[The following information applies to the questions displayed below.] Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows:
| Purchases | ||||||||
Date of Purchase | Units |
| Unit Cost* | Total Cost | |||||
Jan. 10 | 6,000 |
| $ | 6 |
|
| $ | 36,000 |
|
Jan. 18 | 9,000 |
|
| 7 |
|
|
| 63,000 |
|
Totals | 15,000 |
|
|
|
|
|
| 99,000 |
|
* Includes purchase price and cost of freight.
Sales | ||
Date of Sale | Units |
|
Jan. 5 | 5,000 |
|
Jan. 12 | 3,000 |
|
Jan. 20 | 6,000 |
|
Total | 14,000 |
|
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.
rev: 01_16_2020_QC_CS-195439
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