Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: 

8,000 units were on hand at the end of the month. 

Required: 

Calculate January’s ending inventory and cost of goods sold for the month using each of the following alternatives: 

1. FIFO, periodic system 

2. LIFO, periodic system 

3. FIFO, perpetual system 

4. Average cost, periodic system 5. Average cost, perpetual system

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Purchases Date of Purchase Units Unit Cost Total Cost 5,000 $ 9 $ 45,000 Jan. 10 Jan. 18 6,000 10 60,000 Total purchases 11,000 $ 105,000 "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 sales 9,000