Question
In: Accounting
Ferris Company began January with 9,000 units of its principal product. The cost of each unit...
Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows:
| Purchases | |||
| Date of Purchase | Units | Unit Cost. | Total Cost |
| Jan. 10 | 6,000 | $6 | $36,000 |
| Jan. 18 | 9,000 | 7 | 63,000 |
| Totals | 15,000 | 99,000 |
Includes purchase price and cost of freight
| Sales | |
| Date of Sale | Units |
| Jan. 5 | 5,000 |
| Jan. 12 | 3,000 |
| Jan. 20 | 6,000 |
| Total | 14,000 |
10,000 units were on hand at the end of the month.
Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Ferris Company began January with 7,000 units of its principal product. The cost of each unit...
Ferris Company began January with 7,000 units of its principal
product. The cost of each unit is $6. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
7
$
42,000
Jan. 18
7,000
8
56,000
Totals
13,000
98,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
Total
10,000
10,000 units were on...
Ferris Company began January with 6,000 units of its principal product. The cost of each unit...
Ferris Company began January with 6,000 units of its principal
product. The cost of each unit is $9. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
5,000
$
10
$
50,000
Jan. 18
6,000
11
66,000
Totals
11,000
116,000
* 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...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit...
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $6. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
7
$
21,000
Jan. 18
4,000
8
32,000
Totals
7,000
53,000
* 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...
Ferris Company began January with 7,000 units of its principal product. The cost of each unit...
Ferris Company began January with 7,000 units of its principal
product. The cost of each unit is $6. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
7
$
42,000
Jan. 18
7,000
8
56,000
Totals
13,000
98,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
Total
10,000
10,000 units were on...
Ferris Company began January with 7,000 units of its principal product. The cost of each unit...
Ferris Company began January with 7,000 units of its principal
product. The cost of each unit is $6. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
7
$
42,000
Jan. 18
7,000
8
56,000
Totals
13,000
98,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
Total
10,000
10,000 units were on...
Ferris Company began January with 7,000 units of its principal product. The cost of each unit...
Ferris Company began January with 7,000 units of its principal
product. The cost of each unit is $6. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
7
$
42,000
Jan. 18
7,000
8
56,000
Totals
13,000
98,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
Total
10,000
10,000 units were on...
Ferris Company began 2018 with 6,000 units of its principal product. The cost of each unit...
Ferris Company began 2018 with 6,000 units of its principal
product. The cost of each unit is $6. Merchandise transactions for
the month of January 2018 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
5,000
$
7
$
35,000
Jan. 18
6,000
8
48,000
Totals
11,000
83,000
*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...
Ferris Company began 2018 with 4,000 units of its principal product. The cost of each unit...
Ferris Company began 2018 with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January 2018 are as follows:
Purchases
Date of
Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
Totals
7,000
60,000
*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...
Ferris Company began 2018 with 6,000 units of its principal product. The cost of each unit...
Ferris Company began 2018 with 6,000 units of its principal
product. The cost of each unit is $8. Merchandise transactions for
the month of January 2018 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...
Ferris Company began 2018 with 4,000 units of its principal product. The cost of each unit...
Ferris Company began
2018 with 4,000 units of its principal product. The cost of each
unit is $6. Merchandise transactions for the month of January 2018
are as follows:
Purchases
Date of
Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
7
$
21,000
Jan. 18
4,000
8
32,000
Totals
7,000
53,000
*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...
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