Ferris Company began 2018 with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January 2018 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 Januarys ending inventory and cost of goods sold for the month using each of the following alternatives:

1. FIFO, periodic system

2. LIFO, periodic system

3. LIFO, perpertual system

4. Average cost, periodic system

5. Average cost, perpetual system

atives 1. FIFO, periodic system. 2. LIFO, perlodic system. 3. LIFO, perpetual system. 4. Average cost, periodic system. 5. Average cost, perpetual system. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4Required s Calculate January's ending inventory and cost of goods sold for the month using FIFO, perlodic system of ing ic FIFO Cost of # of units | FIFO # of units | Cost per|. Goods. unit Available for sold | #of units | Cost per | Cost per Ending unit Goods Sold in ending $ 0.00 S S0.00 Goods Sold inventory Inventory $0.0o$ o S 0.00 S 0.00 S 0.00 Prev. 4of 6 Next 2-LIFO, periodic system. 3. LIFO, perpetual system. 4. Average cost, periodic system. 5. Average cost, perpetual system. Complete this question by entering your answers in the tabs below. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. of LIFO Cost of Goods unit Available forsold Sale #Of units #Of units | ni Cost per |#0f units: Cost per | Cost of unt Goods Sold in endingCt pr Ending unit Inventory $0.00 S $ 0.00S $0.00 $ 0.00 $ 0.00 S 0.00 0 Required 3> 5,000 units were on hand at the end of the month. Calculate January's ending Inventory and cost of goods sold for the month using each of the following 1. FIFO, perlodic system. 2. LIFO, 3. LIFO, 4. Average cost, perlodic system 5. Average cost, perpetual system. system. I system. cost of | Cost of | # of Cost per! Goods units : unit #of | units per Cost Goods units unit Soldsold # of Cost per Goods | units unit e sold Cost of | #of Cost of Goods in endingunit Sold # of units Cost per Ending old unit $ 000 $ S 000 S 0.00$ $ 0.00 S 0.001 0.00 0.00 0.00 0.00 January 10 0.00 Prev 4 of 6Next> . FIFO, perlodic system. 2. LIFO, periodic system. 3. LIFO, perpetual system. 4. Average cost, periodic system. 5. Average cost, perpetual system. Complete this question by entering your answers in the tabs below. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Cost of Goods | Available for Sale # of units Average : AverageCost of # of units | |# of units sold Unit Goods Soldnending ost prnnding Cost unit ry January 10 January 18 Total Prev 4of 6i Next>