Solution-Calculate january ending inventory and cost of

Calculate january ending inventory and cost of goods sold

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Reference no: EM133116735

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	Units
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.

Reference no: EM133116735

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Calculate january ending inventory and cost of goods sold

Reference no: EM133116735

Reference no: EM133116735

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