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Required information [The following information applies to the questions displayed below.) Ferris Company began January with 9,000 units of its principal product. The cost of
Required information [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 $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 9,000 15,000 Purchases Unit Cost* $ 9 10 Total Cost $ 54,000 90,000 144,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 5,000 3,000 6,000 14,000 10,000 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. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. & Answer is complete but not entirely correct. Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost Cost of # of Goods per units Available for Sale 9,000 $8.00 $ 72,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit 9,000 $ 8.00 $ 72,000 $ 8.00 $ Beginning Inventory Purchases: January 10 $9.00 45,000 6,000 9,000 54,000 90,000 $ 216,000 3,000 0 12,000 $ 9.00 $ 10.00 January 18 27,000 0 99,000 5,000 9,000 14,000 $ $ 9.00 10.00 90,000 Total 24,000 $ $ 135,000
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