Ferris Company began January with 7,000 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 Jan. 10 Units 4,000 7,e00 Unit Cost $ 9 Total Cost $ 36,000 70,000 Jan. 18 10 Totals 11,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,00e 1,00e 4,000 Total 8,eee 10,000 units were on hand at the end of the month. 1 Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system
Ferris Company began January with 7,000 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 Jan. 10 Units 4,000 7,e00 Unit Cost $ 9 Total Cost $ 36,000 70,000 Jan. 18 10 Totals 11,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,00e 1,00e 4,000 Total 8,eee 10,000 units were on hand at the end of the month. 1 Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Ferris Company began January with 7,000 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
Jan. 10
Units
4,000
7,e00
Unit Cost
$ 9
Total Cost
$ 36,000
70,000
Jan. 18
10
Totals
11,000
106,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Jan. 5
Jan. 12
Jan. 20
Units
3,00e
1,00e
4,000
Total
8,eee
10,000 units were on hand at the end of the month.
1 Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87686534-352e-4391-a434-419da9c8415e%2F7db477f3-6d7b-450f-9d23-8e248c45fbe0%2Flzc0kz_processed.png&w=3840&q=75)
Transcribed Image Text:Ferris Company began January with 7,000 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
Jan. 10
Units
4,000
7,e00
Unit Cost
$ 9
Total Cost
$ 36,000
70,000
Jan. 18
10
Totals
11,000
106,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Jan. 5
Jan. 12
Jan. 20
Units
3,00e
1,00e
4,000
Total
8,eee
10,000 units were on hand at the end of the month.
1 Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system
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