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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 $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.
Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.
Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0.00 $ 0 $ 0.00 $ Beginning Inventory Purchases January 10 January 18 Total 0 0 DO SO $ $ 0. 00 0. 00 0 0 $ $ 0.00 0.00 $ 0 $ 0Step by Step Solution
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