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Ferris Company began 2016 with 5,000 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 Jan. 10 Jan. 18 Units 3,000 5,000 Unit Cost* $9 10 Total Cost $27,000 50,000 Totals 8,000 $77,000 *Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. …
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