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 S 9 7,000 10 Totals 11,000 $106,000 Includes 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 - Average Cost Ending Inventory - Average Cost Average Cost Cost of Average Goods | # of units | Cost per Goods Sold | inventory Average Cost of # of units l Average | # of units Cost per Available for in ending Cost per Inventory unit Ending sold unit Unit Sale Beginning Inventory Purchases January 10 January 18 Total

Explanation / Answer

Calculate ending inventory and cost of goods sold under average cost :

Average cost Cost of goods available for sale Cost of goods sold-average cost Ending inventory-average cost # of units average cost per unit Cost of goods available for sale # of units sold average cost per unit Cost of goods sold # of units in ending inventory Average cost per unit Ending inventory Beginning inventory 7000 56000 Purchases : January 10 4000 36000 January 18 7000 70000 Total 18000 9 162000 8000 9 72000 10000 9 90000

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