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Ferris Company began January with 4,000 units of its principal pro transactions for the month of January are as follows: Date of Purchase. Jan. 10 Jan. 18 Totals Unite 3,000 4,000 7,000 Sales Purchases Unit Cost $9 10 Includes purchase price and cost of freight. Total Cost $27,000 40,000 67,000

Ferris Company began January with 4,000 units of its principal pro transactions for the month of January are as follows: Date of Purchase. Jan. 10 Jan. 18 Totals Unite 3,000 4,000 7,000 Sales Purchases Unit Cost $9 10 Includes purchase price and cost of freight. Total Cost $27,000 40,000 67,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase i Jan. 10. Jan. 18. Totals Units 3,000 4,000 7,000 Sales Date of Sale Jan. 5 Jan. 12 Jan. 201 Total Purchases Units 2,000 1,000 3,000 6,000 Unit Cost Includes purchase price and cost of freight. $9 10 5,000 units were on hand at the end of the month. Total Cost $27,000 40,000 67,000 Problem 8-5 (Algo) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
Transcribed Image Text:Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase i Jan. 10. Jan. 18. Totals Units 3,000 4,000 7,000 Sales Date of Sale Jan. 5 Jan. 12 Jan. 201 Total Purchases Units 2,000 1,000 3,000 6,000 Unit Cost Includes purchase price and cost of freight. $9 10 5,000 units were on hand at the end of the month. Total Cost $27,000 40,000 67,000 Problem 8-5 (Algo) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
Perpetual Average 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 Inventory on hand Cost per unit # of units 0 0 Inventory Value $ $ 0 0 0 0 0 0 0 0 0 0 Cost of Goods Sold Avg.Cost per unit # of units sold Cost of Goods Sold $ 0
Transcribed Image Text:Perpetual Average 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 Inventory on hand Cost per unit # of units 0 0 Inventory Value $ $ 0 0 0 0 0 0 0 0 0 0 Cost of Goods Sold Avg.Cost per unit # of units sold Cost of Goods Sold $ 0
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