Return to questi Required information 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 $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jar. 18 Totals Unita 6,000 7,000 13,000 Purchases Unit Cost $ 7 B Total Cost $42.000 56,000 98,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Unita 3.000 3.000 4,000 10.000 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO perpetual system. Cost of Goods Sold - January 5 Perpetual EIFO Cost of Goods Available for Sale Cost of Unit Goods units Cost Available for Sale 7.000 $6.00 $ 42,000 #of units sold Cost per unit Cost of Goods Sold Answer is complete but not entirely correct. Cost of Goods Sold - January 12 Cost of Goods Sold Jan 20 #of Cost Cost of of Cost units Goods per unit sold per Gi Sold sold unit 0 $ 6.00 $ 42.000 3 8.00 $ 21 units 7.000 $ 6.00 $ 42.000 0 Beg Inventory Purchases January 10 January 18 Total 6,000 7.000 20,000 700 8.00 42.000 56.000 $ 140,000 3.000 0 10,000 7.00 800 21.000 7.00 8.00 21.000 0 $ 63,000 11 0 0 0 7.00 8.00 0 $ 63.000 33 goods sold for the month using FIFO, perpetual system. ost of Goods Sold - January 5 Inventory Balance of hits old Cost per unit Cost of Goods Sold Answer is complete but not entirely correct. Cost of Goods Sold January 12 Cost of Goods Sold-January #of Cost of of Cost Cost units Cost of Goods units per Goods sold Sold Sold Unit Sold 0 $6.00 $ 0 42.000 $ 6.00 $ 252.000 per unit of units in ending Inventory Cost per unit Ending Inventory 000 $ 8.00 $ 42,000 $ 600 5 0 1.000 0 1.000 7.00 8.00 21,000 21,000 0 $ 63.000 7.00 8.00 7.00 8.00 147,000 O $399.000 3.000 7.000 10.000 700 8.00 25.000 50.000 $ 77.000 0 5 63.000 10,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Ro cost per unit to 4 decimal places. Enter sales with a negative sign.) Perpetual Average Inventory on hand Cost per Inventory # of units unit Value Cost of Goods Sold # of units Avg.Cost Cost of sold Goods Sold per unit 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