Ferris Company began January with 6.000 units of its principal product. The cost of each...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Ferris Company began January with 6.000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Purchases Date of Unit Purchase Units Cost* Total Cost Jan. 10 5,000 $10 $ 50,000 Jan. 18 6,000 11 66,000 Totals 11,000 116,000 * Includes purchase price and cost of freight Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total 9,000 8,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 1 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 Cost of # of Goods units per unit Available for Sale 6.000 $9.00 $ 54,000 Cost of Goods Sold - Periodic FIFO Cost #of Cost of units per Goods unit Sold Ox $ 9.00 $ 0 Ending Inventory - Periodic FIFO # of units Cost Ending in ending per inventory unit Inventory 6.000X $ 9.00 $ 54,000 sold Beginning Inventory Purchases: January 10 5,000 50,000 30,000 20,000 S 10.00 S 11.00 January 18 6,000 66,000 3,000 $ 10.00 S 6.000% 11.00 9,000 $ 2.000 10.00 IX 11.00 8.000 66,000 $ 96,000 0 Total 17,000 $ 170,000 $ 74,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
