Ferris Company began 2016 with 6,000 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		5,000		$	8		$	40,000
Jan. 18		6,000			9			54,000
Totals		11,000					$	94,000

*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		9,000
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: FIFO LIFO Average Cost