Ferris Company began 2016 with 7,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January 2016 are as follows:

	Purchases
Date of Purchase	Units			Unit Cost*			Total Cost
Jan. 10		6,000		$	10		$	60,000
Jan. 18		7,000			11			77,000
Totals		13,000					$	137,000

*Includes purchase price and cost of freight.

Sales
Date of Sale	Units
Jan. 5		3,000
Jan. 12		1,000
Jan. 20		4,000
Total		8,000

12,000 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

2.LIFO

3.Average Cost

4.Prepetual Lifo

5.Prepetual Average