Ferris Company began 2013 with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2013 are as follows:

Purchases

Date of Purchase

Units

Unit Cost*

Total Cost

Jan. 10

3,000

$

9

$

27,000

Jan. 18

4,000

10

40,000

Totals

7,000

$

67,000

*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 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:

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory			$0		$0.00	$0		$0.00	$0
Purchases:
January 10			0		$0.00	0		$0.00	0
January 18			0		$10.00	0		$0.00	0
Total	0		$0	0		$0	0		$0
LIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic LIFO			Ending Inventory - Periodic LIFO
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory			$0		$0.00	$0		$0.00	$0
Purchases:
January 10			0		$0.00	0		$0.00	0
January 18			0		$0.00	0		$0.00	0
Total	0		$0	0		$0	0		$0
Average Cost	Cost of Goods Available for Sale			Cost of Goods Sold - Average Cost			Ending Inventory - Average Cost
	# of units	Average Cost per unit	Cost of Goods Available for Sale	# of units sold	Average Cost per Unit	Cost of Goods Sold	# of units in ending inventory	Average Cost per unit	Ending Inventory
Beginning Inventory
Purchases:
January 10
January 18
Total	0		$0			$0			$0