Homework Answers
Solution:
| Computation of ending inventory and COGS under Average Cost (Perpetual) | ||||||
| Date | Inventory o hand | Cost of Goods sold | ||||
| # of Units | Cost per unit | Inventory value | Units sold | Cost per unit | COGS | |
| Beginning inventory | 8000 | $9.0000 | $72,000 | |||
| Sale- January 5 | -3000 | $9.0000 | -$27,000 | 3000 | $9.0000 | $27,000 |
| Subtotal Average cost | 5000 | $9.0000 | $45,000 | |||
| Purchase- January 10 | 6000 | $10.0000 | $60,000 | |||
| Subtotal Average cost | 11000 | $9.5455 | $1,05,000 | |||
| Sale- January 12 | -3000 | $9.5455 | -$28,637 | 3000 | $9.5455 | $28,637 |
| Subtotal Average cost | 8000 | $9.5454 | $76,364 | |||
| Purchase- Janaury 18 | 8000 | $11.0000 | $88,000 | |||
| Subtotal Average cost | 16000 | $10.2727 | $1,64,364 | |||
| Sale- Janaury 20 | -4000 | $10.2727 | -$41,091 | 4000 | $10.2727 | $41,091 |
| Total | 12000 | $10.2727 | $1,23,273 | 10000 | $96,727 | |
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Ferris Company began January with 8,000 units of its principal product. The cost of each unit...
Ferris Company began January with 9,000 units of its principal product. The cost of each unit...
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 Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 9 $ 54,000 Jan. 18 9,000 10 90,000 Totals 15,000 144,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 14,000 10,000 units were on...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit...
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
Totals
7,000
60,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
2,000
Jan. 12
1,000
Jan. 20
3,000
Total
6,000
5,000 units were on...
Thank you! Ferris Company began January with 7,000 units of its principal product. The cost of...
Thank you!
Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* $ 7 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Total Cost $42,000 56,000 98,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 12,000 units were on...
Ferris Company began 2016 with 9,000 units of its principal product. The cost of each unit...
Ferris Company began 2016 with 9,000 units of its principal
product. The cost of each unit is $8. Merchandise transactions for
the month of January 2016 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
9
$
54,000
Jan. 18
9,000
10
90,000
Totals
15,000
$
144,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
5,000
Jan. 12
3,000
Jan. 20
6,000
Total
14,000...
Ferris Company began January with 6,000 units of its principal product. The cost of each unit...
Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 5,000 $ 6 $ 30,000 Jan. 18 6,000 7 42,000 Totals 11,000 72,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total 9,000 8,000 units were on...
Ferris Company began 2018 with 8,000 units of its principal product. The cost of each unit...
Ferris Company began 2018 with 8,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January 2018 are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 8 $ 48,000 Jan. 18 8,000 9 72,000 Totals 14,000 120,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 4,000 Jan. 12 2,000 Jan. 20 5,000 Total 11,000 11,000 units were on...
Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit...
Ferris Company began 2018 with 5,000 units of its principal
product. The cost of each unit is $9. Merchandise transactions for
the month of January 2018 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
10
$
60,000
Jan. 18
5,000
11
55,000
Totals
11,000
115,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
Total
10,000
6,000 units were on...
Ferris Company began 2018 with 6,000 units of its principal product. The cost of each unit...
Ferris Company began 2018 with 6,000 units of its principal
product. The cost of each unit is $8. Merchandise transactions for
the month of January 2018 are as follows:
PLEASE FIX AND COMPLETE THE ANSWER IS NOT COMPLETE AND NOT
CORRECT
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
5,000
$
9
$
45,000
Jan. 18
6,000
10
60,000
Totals
11,000
105,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5...
Ferris Company began January with 7,000 units of its principal product. The cost of each unit...
Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 7 $ 42,000 Jan. 18 7,000 8 56,000 Totals 13,000 98,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 1,000 Jan. 20 4,000 Total 8,000 12,000 units were on...
Ferris Company began January with 7,000 units of its principal product. The cost of each unit...
Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Purchases Unit Cost* $ 7 8 Total Cost $ 42,000 56,000 98,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 12,000 units were on...
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
Totals
7,000
60,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
2,000
Jan. 12
1,000
Jan. 20
3,000
Total
6,000
5,000 units were on...
Thank you!
Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* $ 7 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Total Cost $42,000 56,000 98,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 12,000 units were on...
Ferris Company began 2016 with 9,000 units of its principal
product. The cost of each unit is $8. Merchandise transactions for
the month of January 2016 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
9
$
54,000
Jan. 18
9,000
10
90,000
Totals
15,000
$
144,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
5,000
Jan. 12
3,000
Jan. 20
6,000
Total
14,000...
Ferris Company began 2018 with 5,000 units of its principal
product. The cost of each unit is $9. Merchandise transactions for
the month of January 2018 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
10
$
60,000
Jan. 18
5,000
11
55,000
Totals
11,000
115,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
Total
10,000
6,000 units were on...
Ferris Company began 2018 with 6,000 units of its principal
product. The cost of each unit is $8. Merchandise transactions for
the month of January 2018 are as follows:
PLEASE FIX AND COMPLETE THE ANSWER IS NOT COMPLETE AND NOT
CORRECT
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
5,000
$
9
$
45,000
Jan. 18
6,000
10
60,000
Totals
11,000
105,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5...
Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Purchases Unit Cost* $ 7 8 Total Cost $ 42,000 56,000 98,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 12,000 units were on...
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