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Calculate january ending inventory and cost of goods sold

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Ferris Company began January with 7,000 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 PurchaseUnits Unit Cost Total Cost

Jan. 104,000 $9 $36,000

Jan. 187,000 10 70,000

Totals11,000 106,000

Includes purchase price and cost of freight.

Sales Date of Sale Units

Jan. 53,000

Jan. 121,000

Jan. 204,000

Total8,000

10,000 units were on hand at the end of the month.

Problem 1: Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.

Reference no: EM132939856

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