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. 12 Jan. 20 Units 2,000 1,000 3,000 Total 6,000 7,000 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: Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: Cost of Goods Sold - Periodic FIFO | Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale # of units sold Cost per Cost of # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods # of units cost per unit 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 Purchases: January 10 January 18 Total Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Cost of Goods Available for Sale Cost of Average Goods # of units Cost per Available for unit Sale # of units sold Average Cost per Unit Cost of # of units Goods Sold din ending inventory Average Cost per unit Ending Inventory Beginning Inventory Purchases: January 10 January 18 Total Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual LIFO: Cost of Goods Available for Sale Cost of # of Unit Goods units Cost Available for Sale # of units sold Cost per unit Cost of Goods Sold #of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of # of units Goods Sold in ending inventory Cost per unit Ending Inventory Beg. Inventory Purchases: January 10 January 18 Total (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Inventory on hand Cost of Goods Sold Perpetual Average # of units Cost per Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold 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