Required information [The following Information applies to the questions displayed below.] Ferris Company began January with 9,000 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 $ 9 Date of Purchase Units Total Cost $ 54,00e 9e,eee Jan. 10 6, eee Jan. 18 9, eee 10 Totals 15, eee 144,eee * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 5,eee 3,eee Jan. 12 Jan. 20 6,eee Total 14,eee 10,000 units were on hand at the end of the month. 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.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per Inventory = of units Avg.Cost Cost of # of units
Required information [The following Information applies to the questions displayed below.] Ferris Company began January with 9,000 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 $ 9 Date of Purchase Units Total Cost $ 54,00e 9e,eee Jan. 10 6, eee Jan. 18 9, eee 10 Totals 15, eee 144,eee * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 5,eee 3,eee Jan. 12 Jan. 20 6,eee Total 14,eee 10,000 units were on hand at the end of the month. 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.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per Inventory = of units Avg.Cost Cost of # of units
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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![Requlred Informatlon
[The following Information applies to the questions displayed below.]
Ferris Company began January with 9,000 units of Its principal product. The cost of each unit is $8. Merchandise
transactions for the month of January are as follows:
Purchases
Units
Unit Cost
$ 9
Date of Purchase
Total Cost
$ 54,000
6,000
9,000
Jan. 10
Jan. 18
10
9e,000
Totals
15,e00
144,000
* Includes purchase price and cost of frelght.
Sales
Date of Sale
Units
5,000
3,000
Jan. 5
Jan. 12
Jan. 20
6, 000
Total
14,000
10,000 units were on hand at the end of the month.
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 negatlve sign.)
Inventory on hand
Cost of Goods Sold
Perpetual Average
Cost per
unit
Inventory
Value
# of units
sold
Avg.Cost
per unit
Cost of
Goods Sold
# of units
Beginning Inventory
Sale - January 5
Subtotal Average Cost
Purchase - January 10
Subtotal Average Cost
Sale - January 12
Subtotal Average Cost
Purchase - January 18
Subtotal Average Cost
Sale - January 20
Total
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Transcribed Image Text:Requlred Informatlon
[The following Information applies to the questions displayed below.]
Ferris Company began January with 9,000 units of Its principal product. The cost of each unit is $8. Merchandise
transactions for the month of January are as follows:
Purchases
Units
Unit Cost
$ 9
Date of Purchase
Total Cost
$ 54,000
6,000
9,000
Jan. 10
Jan. 18
10
9e,000
Totals
15,e00
144,000
* Includes purchase price and cost of frelght.
Sales
Date of Sale
Units
5,000
3,000
Jan. 5
Jan. 12
Jan. 20
6, 000
Total
14,000
10,000 units were on hand at the end of the month.
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 negatlve sign.)
Inventory on hand
Cost of Goods Sold
Perpetual Average
Cost per
unit
Inventory
Value
# of units
sold
Avg.Cost
per unit
Cost of
Goods Sold
# of units
Beginning Inventory
Sale - January 5
Subtotal Average Cost
Purchase - January 10
Subtotal Average Cost
Sale - January 12
Subtotal Average Cost
Purchase - January 18
Subtotal Average Cost
Sale - January 20
Total
ooo
![Requlred Informatlon
[The following Information applies to the questions displayed below.]
Ferris Company began January with 9,000 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
$ 9
Date of Purchase
Units
Total Cost
6,00e
9, eee
Jan. 10
$ 54,000
Jan. 18
10
98,000
Totals
15,000
144,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
5,000
3, еее
6,000
Jan. 12
Jan, 20
Total
14,000
10,000 units were on hand at the end of the month.
3. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, perpetual system.
Cost of Goods Available for Sale
Cost of Goods Sold - January 5
Cost of Goods Sold - January 12
Cost of Goods Sold - January 20
Inventory Balance
Perpetual FIFO:
Cost of
# of units
in ending
inventory
# of
# of
# of units
Cost of
Ending
Inventory
Unit
Goods
units
sold
Cost per
unit
Cost of
Cost per
unit
Cost of
Goods Sold
of units Cost per
Cost per
unit
units
Cost
Available for
Goods Sold
sold
sold
unit
Goods Sold
Sale
Beg. Inventory
9.000 S 8.00
72,000
5,000 s
8.00 S
40,000
8.00 s
8.00 s
8.00 s
Purchases:
January 10
6,000
9.00
54,000
9.00
9.00
9.00
of
9.00
January 18
9,000
90,000
10.00
10.00
10.00
10.00
10.00
Total
24,000
216,000
5,000
40,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe0d94551-112d-40a3-b72d-4ab09ae67b90%2F17c834c7-5a15-4464-a7d5-dc117e905ea5%2Fu9wx3nmm_processed.png&w=3840&q=75)
Transcribed Image Text:Requlred Informatlon
[The following Information applies to the questions displayed below.]
Ferris Company began January with 9,000 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
$ 9
Date of Purchase
Units
Total Cost
6,00e
9, eee
Jan. 10
$ 54,000
Jan. 18
10
98,000
Totals
15,000
144,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
5,000
3, еее
6,000
Jan. 12
Jan, 20
Total
14,000
10,000 units were on hand at the end of the month.
3. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, perpetual system.
Cost of Goods Available for Sale
Cost of Goods Sold - January 5
Cost of Goods Sold - January 12
Cost of Goods Sold - January 20
Inventory Balance
Perpetual FIFO:
Cost of
# of units
in ending
inventory
# of
# of
# of units
Cost of
Ending
Inventory
Unit
Goods
units
sold
Cost per
unit
Cost of
Cost per
unit
Cost of
Goods Sold
of units Cost per
Cost per
unit
units
Cost
Available for
Goods Sold
sold
sold
unit
Goods Sold
Sale
Beg. Inventory
9.000 S 8.00
72,000
5,000 s
8.00 S
40,000
8.00 s
8.00 s
8.00 s
Purchases:
January 10
6,000
9.00
54,000
9.00
9.00
9.00
of
9.00
January 18
9,000
90,000
10.00
10.00
10.00
10.00
10.00
Total
24,000
216,000
5,000
40,000
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