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 Totals Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total * Includes purchase price and cost of freight. Perpetual Average Beginning Inventory Sale - January 5 Units 3,000 4,000 7,000 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 5,000 units were on hand at the end of the month. Subtotal Average Cost Purchase - January 18 Units 2,000 1,000 3,000 6,000 Subtotal Average Cost Sale - January 20 Total 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.) Purchases Unit Cost* $8 9 # of units Cost per unit Inventory on hand Total Cost $24,000 36,000 60,000 Inventory Value Cost of Goods Sold Avg.Cost per unit # of units sold Cost of Goods Sold

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 Totals Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total * Includes purchase price and cost of freight. Perpetual Average Beginning Inventory Sale - January 5 Units 3,000 4,000 7,000 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 5,000 units were on hand at the end of the month. Subtotal Average Cost Purchase - January 18 Units 2,000 1,000 3,000 6,000 Subtotal Average Cost Sale - January 20 Total 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.) Purchases Unit Cost* $8 9 # of units Cost per unit Inventory on hand Total Cost $24,000 36,000 60,000 Inventory Value Cost of Goods Sold Avg.Cost per unit # of units sold Cost of Goods Sold

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

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Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
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Required information Skip to question [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 $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
Required information Skip to question [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 $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
Hi Please help with question attached, thanks so much.
Requlred Informatlon [The following Information applies to the questions displayed below.] Ferris Company began January with 9,000 units of Its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost $ 9 Date of Purchase Units Total Cost 6,00e 9, eee Jan. 10 $ 54,000 Jan. 18 10 98,000 Totals 15,000 144,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 5,000 3, еее 6,000 Jan. 12 Jan, 20 Total 14,000 10,000 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. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost of # of units in ending inventory # of # of # of units Cost of Ending Inventory Unit Goods units sold Cost per unit Cost of Cost per unit Cost of Goods Sold of…
Hi Please help with question attached, thanks so much.
6. Required information Skip to question [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 $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 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.)