Hi Please help with question attached, thanks so much. Required Information[The following information applies to the questions displayed below.]Ferris Company began January with 4.000 units of its principal product. The cost of each unit is $7. Merchandisetransactions for the month of January are as follows:Date of PurchaseJan. 10Jan. 18TotalTotalsDate of SaleJan. 5Jan. 12.Jan. 20Total* Includes purchase price and cost of freight.SalesAverage CostBeginning InventoryPurchases:January 10January 18Units3,0004,0007,080Units2,0001,0003,0006,0005,000 units were on hand at the end of the month.Purchases4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.# of unitsUnit Cost$893,000 $8.004,000 $9.0011,000Cost of Goods Available for SaleCost ofUnit GoodsCost Available forSale4,000 $7.00 $ 28,000$Total Cost$24,00036,00060,00024,00036,00088,000—Cost of Goods Sold - Average CostAverageCost perUnit# of unitssoldCost ofGoods SoldEnding Inventory - Average Cost# of unitsin endinginventoryAverageCost perunitEndingInventory

Periodic Inventory (Average Cost) - Under Period inventory of valuation company total all the cost…

Required Information [The following information applies to the questions displayed below.] Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Total Totals Date of Sale Jan. 5 Jan. 12 Jan. 20 Total * Includes purchase price and cost of freight. Sales Average Cost Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,990 Units 2,000 1,080 3,000 6,080 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Available for Sale Average Cost per Unit 4,000 $ 7.00 $ 28,000 # of units Purchases Unit Cost Unit Cost* 3,000 $ 8.00 4,000 $9.00 11,000 $8 9 S Total Cost $24,000 36,000 60,000 24,000 36,000 88,000 # of units sold Cost of Goods Sold Ending Inventory - Average Cost # of units in ending inventory Average Cost per unit Ending Inventory

Required Information [The following information applies to the questions displayed below.] Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Total Totals Date of Sale Jan. 5 Jan. 12 Jan. 20 Total * Includes purchase price and cost of freight. Sales Average Cost Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,990 Units 2,000 1,080 3,000 6,080 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Available for Sale Average Cost per Unit 4,000 $ 7.00 $ 28,000 # of units Purchases Unit Cost Unit Cost* 3,000 $ 8.00 4,000 $9.00 11,000 $8 9 S Total Cost $24,000 36,000 60,000 24,000 36,000 88,000 # of units sold Cost of Goods Sold Ending Inventory - Average Cost # of units in ending inventory Average Cost per unit Ending Inventory

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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