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! Required information [The following information applies to the questions displayed below.] Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18. Totals Sales Units 5,000 6,000 11,000 Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Purchases * Includes purchase price and cost of freight. Units 3,000 2,000 4,000 9,000 Unit Cost* $9 10 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $105,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)

! Required information [The following information applies to the questions displayed below.] Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18. Totals Sales Units 5,000 6,000 11,000 Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Purchases * Includes purchase price and cost of freight. Units 3,000 2,000 4,000 9,000 Unit Cost* $9 10 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $105,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)

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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I need help in finding the subtotal average cost.

Required information [The following information applies to the questions displayed below.] Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: * Date of Purchase Jan. 10 Jan. 18 Totals Sales Units 5,000 6,000 11,000 Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Purchases Includes purchase price and cost of freight. Units 3,000 2,000 4,000 9,000 Unit Cost* $9 10 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $105,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: * Date of Purchase Jan. 10 Jan. 18 Totals Sales Units 5,000 6,000 11,000 Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Purchases Includes purchase price and cost of freight. Units 3,000 2,000 4,000 9,000 Unit Cost* $9 10 8,000 units were on hand at the end of the month. Total Cost $ 45,000 60,000 $105,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
Perpetual Average Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 tal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total Inventory on hand Cost per unit # of units 6,000 (3,000) 3,000 5,000 8,000 8,000 8,000 8,000 Inventory Value 8.0000 $ 8.0000 8.0000 9.0000 $ 48,000 (24,000) 24,000 45,000 69,000 0 69,000 0 69,000 0 69,000 # of units sold Cost of Goods Sold Avg.Cost per unit 3,000 $ 3,000 Cost of Goods Sold 8.0000 $ $ 24,000 24,000
Transcribed Image Text:Perpetual Average Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 tal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total Inventory on hand Cost per unit # of units 6,000 (3,000) 3,000 5,000 8,000 8,000 8,000 8,000 Inventory Value 8.0000 $ 8.0000 8.0000 9.0000 $ 48,000 (24,000) 24,000 45,000 69,000 0 69,000 0 69,000 0 69,000 # of units sold Cost of Goods Sold Avg.Cost per unit 3,000 $ 3,000 Cost of Goods Sold 8.0000 $ $ 24,000 24,000
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