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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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[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.
Transcribed Image Text:5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual syste
cost per unit to 4 decimal places. Enter sales with a negative sign.)
Inventory on hand
Cost of Goods Sold
# of units Cost per
unit
Perpetual Average
Inventory # of units Avg.Cost
sold
Cost of
Goods Sold
Value
per unit
Beginning Inventory
Sale - January 5
Subtotal Average Cost
Purchase - January 10
Subtotal Average Cost
Sale - January 12
Subtotal Average Cost
Purchase - January 18
Subtotal Average Cost
Sale - January 20
Total
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