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:

PurchasesDate of PurchaseUnitsUnit Cost*Total CostJan. 103,000$8$24,000Jan. 184,000936,000Totals7,00060,000

*Includes purchase price and cost of freight.

SalesDate of SaleUnitsJan. 52,000Jan. 121,000Jan. 203,000Total6,000

5,000 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, periodic system.

2.LIFO, periodic system.

3.LIFO, perpetual system.

4.Average cost, periodic system.

5.Average cost, perpetual system.