question archive Ferris Company began January with 8,000 units of its principal product
Ferris Company began January with 8,000 units of its principal product
Subject:BusinessPrice: Bought3
Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 Total Cost $ 54,000 80,000 134,000 10 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4,000 2,000 5,000 11,000 11,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Answer is not complete. Perpetual Average # of units sold Cost of Goods Sold Avg.Cost Cost of Goods per unit Sold Inventory on hand # of Cost Inventory units per Value unit 8,000 8.0000 IS 64,000 4,000 X 8.0000 32,000 12,000 8.0000 96,000 Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average 4,000 X 9.0000 36,000 16,000 8.0000 X 132,000 6,000 X 9.0000 % 54,000 22,000 8.0000 186,000 Cost 4,000 X 9.0000 36,000 Purchase - January 18 Subtotal Average 26,000 222,000 Cost Sale - January 20 Total 0 $ 222,000 26,000 0 $ 0
