Fill in the bolded cells Ferris Company began 2016 with 7,000 units of its princ

Question

Fill in the bolded cells

Ferris Company began 2016 with 7,000 units of its principal product. The cost of each unit is $8 Merchandise transactions for the month of January 2016 are as follows Purchases Jan. 10 Jan. 18 Date of Purchase Units Unit Cost Total Cost 36,000 70,000 4,000 $ 9 7,000 10 Totals 11,000 $106,000 ncludes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 1,000 4,000 Total 8,000 10,000 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 each of the following alternatives Cost of Goods Available for Sale Cost of Goods Sold- Periodic FIFO Ending Inventory - Periodic FIFO Cost of FIFO # of units | Cost per Cost of in ending Goods S01 inventory | # of units Cost per unit Ending Inventory # of units Cost per Goods unit Available forsold unit Sale Beginning Inventory Purchases January 10 January 18 Total

Explanation / Answer

Calculate ending inventory and cost of goods sold :

Cost of goods available for sale Cost of goods sold-Periodic FIFO Ending inventory-Periodic FIFO Beginning inventory 7000 8 56000 7000 8 56000 Purchases January 10 4000 9 36000 1000 9 9000 3000 9 27000 January 18 7000 10 70000 7000 10 70000 Total 18000 162000 8000 65000 10000 97000

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