Required information

Skip to question

[The following information applies to the questions displayed below.]

3 Required information (The following information applies to the questions displayed below.] Part 2 of 5 Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows: 7.5 Purchases points Date of Purchase Units Unit Cost* Total Cost Jan. 10 5,060 $ 6 $30, 060 Jan. 18 6,000 42, 000 Totals 11, 000 72,000 Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,090 Jan. 20 4,000 Total 9,090 8,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale | Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Cost of LIFO Goods # of units Cost per Cost of # of units # of units Cost in ending Cost per Ending per unit Available for sold unit Goods Sold unit inventory Inventory Sale Beginning Inventory 6,000 $ 5.00 30,000 S 5.00 $ 5.00 Purchases: January 10 5,000 $ 6.00 30,000 S 6.00 6.00 January 18 3,000 $ 7.00 12,000 S 7.00 7.00 Total 17,000 S 102,000