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Ferris Company began January with 6,000 units of its principal product. The cost of each...

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Accounting

Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows:

Purchases
Date of Purchase Units Unit Cost* Total Cost
Jan. 10 5,000 $ 8 $ 40,000
Jan. 18 6,000 9 54,000
Totals 11,000 94,000

* 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.

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2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale # of units # of units sold Cost per unit Cost per # of units in ending inventory Cost of Goods Sold Ending Inventory Beginning Inventory Purchases: January 10 January 18 Total

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