Required Information (The following information applies to the questions displayed below.] Ferris Company began January...
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Required Information (The following information applies to the questions displayed below.] 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 Unit Cost $ 8 Date of Purchase Jan. 18 Jan. 18 Totals Units 5,eee 6, eee 11, eee Total Cost $40,000 54,088 94,000 9 Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3, eee 2,000 4,000 9, see Total 8,000 units were on hand at the end of the month. 3. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, perpetual system
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