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 Perpetual FIFO: * Includes purchase price and cost of freight. Sales Beg. Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 2,000 1,000 3,080 6,080 5.000 units were on hand at the end of the month. # of units 3.000 4.000 11,000 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 Available for Sale 4,000 $ 7.00 $ 28,000 Unit Cost Unit Cost Purchases $8 9 8.00 9.00 $ 24,000 36.000 88,000 Total Cost $24,000 36,000 60,000 — Cost of Goods Sold - January 5 # of units sold $ Cost per unit 7.00 8.00 9.00 Cost of Goods Sold Cost of Goods Sold - January 12 # of units Cost per sold Cost of Goods Sold unit S 7.00 8.00 9.00 0 0 Cost of Goods Sold - January 20 # of units Cost per sold unit $ 7.00 8.00 9.00 Cost of Goods Sold 0 Inventory Balance Cost per unit # of units in ending inventory S Ending Inventory 7.00 $ 8.00 9.00 0
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 Perpetual FIFO: * Includes purchase price and cost of freight. Sales Beg. Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 2,000 1,000 3,080 6,080 5.000 units were on hand at the end of the month. # of units 3.000 4.000 11,000 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 Available for Sale 4,000 $ 7.00 $ 28,000 Unit Cost Unit Cost Purchases $8 9 8.00 9.00 $ 24,000 36.000 88,000 Total Cost $24,000 36,000 60,000 — Cost of Goods Sold - January 5 # of units sold $ Cost per unit 7.00 8.00 9.00 Cost of Goods Sold Cost of Goods Sold - January 12 # of units Cost per sold Cost of Goods Sold unit S 7.00 8.00 9.00 0 0 Cost of Goods Sold - January 20 # of units Cost per sold unit $ 7.00 8.00 9.00 Cost of Goods Sold 0 Inventory Balance Cost per unit # of units in ending inventory S Ending Inventory 7.00 $ 8.00 9.00 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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. Merchandise
transactions for the month of January are as follows:
Date of Purchase
Jan. 10
Jan. 18
Totals
Total
Date of Sale
Jan. 5
Jan. 12
Jan. 20
Total
Perpetual FIFO:
Beg. Inventory
Sales
Purchases:
* Includes purchase price and cost of freight.
January 10
January 18
Units
3,000
4,000
5,000 units were on hand at the end of the month.
# of
units
7,000
=
Units
2,000
1,080
3,000
6,000
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
3,000
4,000
11,000
Unit
Cost
Cost of Goods Available for Sale
Cost of
Goods
Available for
Sale
4,000 $ 7.00 $
Unit Cost*
8.00
9.00
Purchases
$8
9
$
28,000
24,000
36,000
88,000
Total Cost
$24,000
36,000
60,000
=
Cost of Goods Sold - January 5
# of
units
sold
$
Cost per
unit
7.00
8.00
9.00
Cost of
Goods Sold
Cost of Goods Sold - January 12
#
of units Cost per
sold
unit
$
7.00
8.00
9.00
Cost of Goods Sold - January 20
Cost of
Goods Sold
Cost of # of units Cost per
Goods Sold sold
unit
0
0
$
7.00
8.00
9.00
0
Inventory Balance
# of units
in ending
inventory
Cost per
unit
$
Ending
Inventory
7.00 $
8.00
9.00
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F05c29da8-5e07-472c-a295-a56e55cdcfad%2Fd3daad20-3496-423d-a88f-d7caaaf7a2e7%2Fygrsyeo_processed.png&w=3840&q=75)
Transcribed Image Text: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
Total
Date of Sale
Jan. 5
Jan. 12
Jan. 20
Total
Perpetual FIFO:
Beg. Inventory
Sales
Purchases:
* Includes purchase price and cost of freight.
January 10
January 18
Units
3,000
4,000
5,000 units were on hand at the end of the month.
# of
units
7,000
=
Units
2,000
1,080
3,000
6,000
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
3,000
4,000
11,000
Unit
Cost
Cost of Goods Available for Sale
Cost of
Goods
Available for
Sale
4,000 $ 7.00 $
Unit Cost*
8.00
9.00
Purchases
$8
9
$
28,000
24,000
36,000
88,000
Total Cost
$24,000
36,000
60,000
=
Cost of Goods Sold - January 5
# of
units
sold
$
Cost per
unit
7.00
8.00
9.00
Cost of
Goods Sold
Cost of Goods Sold - January 12
#
of units Cost per
sold
unit
$
7.00
8.00
9.00
Cost of Goods Sold - January 20
Cost of
Goods Sold
Cost of # of units Cost per
Goods Sold sold
unit
0
0
$
7.00
8.00
9.00
0
Inventory Balance
# of units
in ending
inventory
Cost per
unit
$
Ending
Inventory
7.00 $
8.00
9.00
0
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education