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: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
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: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
Chapter1: Financial Statements And Business Decisions
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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:
| Purchases | |||||||||
| Date of Purchase | Units | Unit Cost* | Total Cost | ||||||
| Jan. 10 | 3,000 | $ | 9 | $ | 27,000 | ||||
| Jan. 18 | 4,000 | 10 | 40,000 | ||||||
| Totals | 7,000 | 67,000 | |||||||
* Includes purchase price and cost of freight.
| Sales | ||
| Date of Sale | Units | |
| Jan. 5 | 2,000 | |
| Jan. 12 | 1,000 | |
| Jan. 20 | 3,000 | |
| Total | 6,000 | |
5,000 units were on hand at the end of the month.
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