Ferris Company began 2016 with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January 2016 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 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 = Cost ps Available

1. FIFO= cost of goods available for sale, cost of goods sold - periodic FIFO, and Ending Inventory - periodic FIFO

2. LIFO= cost of goods available for sale, cost of goods sold - periodic LIFO, and Ending Inventory - periodic LIFO

3. Average Cost= cost of goods available for sale, cost of goods sold - Average cost, and Ending Inventory - Average cost

4. Perpetual LIFO=cost of goods available for sale, cost of goods sold - January 5, cost of goods sold - January 12, cost of goods sold - January 20, and Inventory Balance