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 hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.

Cost of goods sold = $210,000

Ending inventory = $54,000

Explanation:

The computation of the ending inventory and the cost of goods sold using the FIFO periodic system is shown in the attachment below

The periodic inventory system is the system in which the inventory is maintained in periodic intervals like monthly, half-yearly, quarterly, yearly. There is no need to update the inventory to the latest date.

While the FIFO method refers to the method in which the inventory that is first purchased should be considered first and then the remaining inventory should be considered on date wise

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