Ferris Company began 2016 with 5,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January 2016 are as follows Purchases Date of Purchase Jan. 10 Jan. 18 Unit Units Cost Total Cost 6,000 $7 $42,000 5,000 40,000 $82,000 Totals 11,000 "Includes purchase price and cost of freight. Sales Date of Units 3,000 3,000 4,000 Sale Jan. 5 Jan. 12 Jan. 20 10,000 Tota 1 6,000 units were on hand at the end of the month Required: Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: Cost of Goods Available for Sale Cost of Goods Sold Periodic FIFO Ending Inventory - Periodic FIFO # of units Cost per inventory Cost of Goods Sale IFO Ending Inventory # of units sold Cost per unit Cost of # of units cost per Goods Sold in ending unit Available for unit 5,000$ 6.00$ 30,000 6 $ 6.00$ 5,000$ 6.00 S 30,000 Beginning Inventory Purchases 36 6,000 7.00 5,000$ 8.00 16,000 3,000$ 7.00 42,000 40,000 S 112,000 Cost of Goods Available for Sale 3,000 $ 7.00 $ 8.00 January 10 January 18 21,000 21,000 $ 8.00 $ 21,036 $ 51,000 Total 8,000 3,006 Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Cost per unit Cost of Goods Sale # of units : Ending Inventory Cost per unit Cost per # of units sold Cost of #of units Goods Sold in ending unit Available for inventory $ 0.00$ $ 0.00 $ Beginning Inventory Purchases 5,000 $ 0.00 $ 0.00 $ 0.00 $0.00 January 10 January 18 Total 5,000 Cost of Goods Available for Sale Cost of Goods Sold -Average Cost Ending Inventory - Average Cost Cost of ds AverageGoods Average Ending Cost per Average cost per # of units | #0f units Average Cost Cost of | # of units cost per . Available for n ending Goods Sold! inventory Inventory Unit unit unit Sale S 30,000 Beginning Inventory Purchases: 5,000 January 10 January 18 6,000 5,000 16,000 42,000 40,000 S 112,000 Total Cost of Goods Available for Sale Cost of Goods Sold-January 5 Cost of Goods Sold -January 12 Cost of Goods Sold -January 20 Inventory Balance Cost of al LIFO: # of units | #of Cost per Cost of Goods Sold sold Cost per Ending Inventory #of Cost perGoods | # of units cost per | Cost of Goods Sold sold | # of units cost per unit Available for units Sale unit unit Goods Sold in ending unit sold Inventoryunit $ 0.00 S $0.00$ $0.00S $0.00$ Beg. Inventory 5,000 Purchases: January 10 January 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 5,000 (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Inventory on hand Cost of Goods Sold I Average Inventory Value | # of units | Avg.cost per unitGoods Sold Cost of r # of units | Cost per unit Beginning Inventory Sale January 5 Subtotal Average Cost Purchase January 10 Subtotal Average Cost Sale January 12 Subtotal Average Cost Purchase January 18 Subtotal Average Cost Sale January 20 Total