Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Unit Cost $ 7 Date of Purchane Units 5,000 6,000 Total Cost $35,000 48,000 83,000 Jan. 10 Jan. 18 Totals 11,000 * Includes purchase price and cost of freight. Sales Date of Sale Units 3,000 2,000 4,000 Jan. 5 Jan. 12 Jan. 20 Total 9,000 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. Cont of Goods Bold- January 5 Cost of Goods Seld - January 12 Cost of Goods Sold- January 20 Inventor Cost of Goods Available for Sale #of units in ending Inventory Cost Cost of Goods Available for Sale of units Cost per unit Perpetuel FIEO of unite Unit Cost of units sold Cost per unit Cost of Goods Sold of units Cost per sold Cost of Goods Sold Cost of Goods Sold un sold unit 6.000 s 600 S 36.000 3,000 S 6.00 $ 18.000 2,000 S 6.00 S 12.000 6.00 $ Deg Imventory Purchases 7.00 January 10 5.000 7.00 35,000 7.00 7.00 January 18 6.000 8.00 48.000 6.00 8.00 8.00 17.000 119.000 3,000 18.000 2,000 12000 in Total

Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Unit Cost $ 7 Date of Purchane Units 5,000 6,000 Total Cost $35,000 48,000 83,000 Jan. 10 Jan. 18 Totals 11,000 * Includes purchase price and cost of freight. Sales Date of Sale Units 3,000 2,000 4,000 Jan. 5 Jan. 12 Jan. 20 Total 9,000 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. Cont of Goods Bold- January 5 Cost of Goods Seld - January 12 Cost of Goods Sold- January 20 Inventor Cost of Goods Available for Sale #of units in ending Inventory Cost Cost of Goods Available for Sale of units Cost per unit Perpetuel FIEO of unite Unit Cost of units sold Cost per unit Cost of Goods Sold of units Cost per sold Cost of Goods Sold Cost of Goods Sold un sold unit 6.000 s 600 S 36.000 3,000 S 6.00 $ 18.000 2,000 S 6.00 S 12.000 6.00 $ Deg Imventory Purchases 7.00 January 10 5.000 7.00 35,000 7.00 7.00 January 18 6.000 8.00 48.000 6.00 8.00 8.00 17.000 119.000 3,000 18.000 2,000 12000 in Total

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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Subject: acounting
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