Question

please help me do the last three problems

Required Information [The following information applies to the questions displayed below) Ferris Company began January with 5,000 units of its principal product. The cost of each unit is $8. Merchandise transachons for the month of January are as follows: Purchases Unit Cost Date of Purchase Units 3.00 Total Cost $27. includes purchase price and cost of freight 7000 units were on hand at the end of the month 3. Calculate January ending inventory and cost of goods sold for the month using Firo. Derpetual system of Goods Available for Sale

Answer 1

3)

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold Jan-05			Cost of Goods Sold Jan-12			Cost of Goods Sold Jan-20			Inventory Balance
	# of Units	Cost per unit	Cost of goods Available for Sale	# of Units Sold	Cost per unit	Cost of goods Sold	# of Units Sold	Cost per unit	Cost of goods Sold	# of Units Sold	Cost per unit	Cost of goods Sold	# of Units in Ending Inventory	Cost per unit	Ending Inventory
Beg Inv	5,000.00	8.00	40,000.00	2,000.00	8.00	16,000.00	1,000.00	8.00	8,000.00	2,000.00	8.00	16,000.00	-	8.00	-
Purchases
Jan-10	3,000.00	9.00	27,000.00		9.00			9.00		1,000.00	9.00	9,000.00	2,000.00	9.00	18,000.00
Jan-18	5,000.00	10.00	50,000.00		10.00			10.00			10.00		5,000.00	10.00	50,000.00
Total	13,000.00		117,000.00	2,000.00		16,000.00	1,000.00		8,000.00	3,000.00		25,000.00	7,000.00		68,000.00

4)

	Cost of Goods Available for Sale			Cost of Goods Sold-Average Cost			Ending Inventory-Average Cost
Average Cost	# of Units	Avg Cost per unit	Cost of goods Available for Sale	# of Units Sold	Avg Cost per unit	Cost of goods Sold	# of Units in Ending Inventory	Avg Cost per unit	Ending Inventory
Beg Inv	5,000.00	8.00	40,000.00
Purchases
Jan-10	3,000.00	9.00	27,000.00
Jan-18	5,000.00	10.00	50,000.00
Total	13,000.00	9.00	117,000.00	6,000.00	9.00	54,000.00	7,000.00	9.00	63,000.00

5)

	Inventory on Hand			Cost of goods Sold
	# of Units	Cost per unit	Inventory Value	# of Units Sold	Avg Cost Per unit	Cost of goods Sold
Beginning Inventory	5,000.00	9.00	45,000.00
Sale-Jan-05	-    2,000.00	9.00	-            18,000.00	2,000.00	9.00	18,000.00
Subtotal average cost	3,000.00	9.00	27,000.00
Purchase-Jan-10	3,000.00	9.00	27,000.00
Subtotal average cost	6,000.00	9.00	54,000.00
Sale-Jan-12	-    1,000.00	9.00	-              9,000.00	1,000.00	9.00	9,000.00
Subtotal average cost	5,000.00	9.00	45,000.00
Purchase-Jan-18	5,000.00	10.00	50,000.00
Subtotal average cost	10,000.00	9.50	95,000.00
Sale-Jan-20	-    3,000.00	9.50	-            28,500.00	3,000.00	9.50	28,500.00
Total	7,000.00	9.50	66,500.00	6,000.00		55,500.00