Ferris Company began January with 6,000 units of its principal product. The cost of each...
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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: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchases Unit Costi $ 6 6 7 Total Cost $30,000 42,000 72,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 2,000 4,000 9,000 Total 8,000 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. FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Cost per Goods # of units Cost per Cost of # of units unit Available for sold unit Goods Sold Sale 6,000 $ 5.00 $ 30,000 $ 5.00 $ 0 Ending Inventory - Periodic FIFO # of units Cost per Ending in ending unit inventory Inventory S 5.00 $ 0 Beginning Inventory Purchases: 30,000 $ 6.00 0 S 6.00 0 January 10 January 18 Total 5,000 $ 6.00 6,000 $ 7.00 17,000 42,000 $ 7.00 0 $ 7.00 0 $ $ 102,000 0 $ 0 0 $ 0
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