Required information Skip to question [The following information applies to the questions displayed below.] Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 4,000 $ 9 $ 36,000 Jan. 18 7,000 10 70,000 Totals 11,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 1,000 Jan. 20 4,000 Total 8,000 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.

Answer is not complete.

Perpetual FIFO:	Cost of Goods Available for Sale			Cost of Goods Sold - January 5			Cost of Goods Sold - January 12			Cost of Goods Sold - January 20			Inventory Balance
	# of units	Unit Cost	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beg. Inventory	7,000	$8.00	$56,000	8selected answer incorrect	$8.00	$64	not attempted	$8.00	$0	not attempted	$8.00	$0		$8.00	$0
Purchases:
January 10	4,000	9.00	36,000	9selected answer incorrect	9.00	81		9.00	0	not attempted	9.00	0	not attempted	9.00	0
January 18	7,000	10.00	70,000	10selected answer incorrect	10.00	100		10.00	0		10.00	0	not attempted	10.00	0
Total	18,000		$162,000	27		$245	0		$0	0		$0	0		$0

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[The following information applies to the questions displayed below.] Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows:

	Purchases
Date of Purchase	Units		Unit Cost*			Total Cost
Jan. 10	4,000		$	9			$	36,000
Jan. 18	7,000			10				70,000
Totals	11,000							106,000

Perpetual Average	Inventory on hand			Cost of Goods Sold
	# of units	Cost per unit	Inventory Value	# of units sold	Avg.Cost per unit	Cost of Goods Sold
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	Units
Jan. 5	3,000
Jan. 12	1,000
Jan. 20	4,000
Total	8,000

10,000 units were on hand at the end of the month.