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Question - 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:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
5,000
$9
$45,000
Jan. 18
6,000
10
60,000
Totals
11,000
$105,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Jan. 5
3,000
Jan. 12
2,000
Jan. 20
4,000
Total
9,000
8,000 units were on hand at the end of the month.
Required - Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
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