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Question: Ferris Company began 2016 with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2016 are as follows: Purchases Purchase Unit Total Date Units Cost⭑ Cost Jan. 10 6,000 $9 Jan. 18 9,000 $10 $ 54,000 $90,000 Totals 15,000 $ 144,000 . Includes purchase price and cost of freight. Sales Date Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 14,000 10,000 units were on hand at the end of the month. Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: a.) FIFO b.) LIFO c.) Weighted Average method

Question: Ferris Company began 2016 with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2016 are as follows: Purchases Purchase Unit Total Date Units Cost⭑ Cost Jan. 10 6,000 $9 Jan. 18 9,000 $10 $ 54,000 $90,000 Totals 15,000 $ 144,000 . Includes purchase price and cost of freight. Sales Date Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 14,000 10,000 units were on hand at the end of the month. Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: a.) FIFO b.) LIFO c.) Weighted Average method

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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Question: Ferris Company began 2016 with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2016 are as follows: Purchases Purchase Unit Total Date Units Cost⭑ Cost Jan. 10 6,000 $9 Jan. 18 9,000 $10 $ 54,000 $90,000 Totals 15,000 $ 144,000 . Includes purchase price and cost of freight. Sales Date Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 14,000 10,000 units were on hand at the end of the month. Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: a.) FIFO b.) LIFO c.) Weighted Average method
Transcribed Image Text:Question: Ferris Company began 2016 with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2016 are as follows: Purchases Purchase Unit Total Date Units Cost⭑ Cost Jan. 10 6,000 $9 Jan. 18 9,000 $10 $ 54,000 $90,000 Totals 15,000 $ 144,000 . Includes purchase price and cost of freight. Sales Date Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 14,000 10,000 units were on hand at the end of the month. Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: a.) FIFO b.) LIFO c.) Weighted Average method
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