Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January 2018 are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 10 $ 60,000 Jan. 18 5,000 11 55,000 Totals 11,000 115,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 3,000 Jan. 20 4,000 Total 10,000 6,000 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.

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Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	# of units	Cost per unit	Cost of Goods 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	5,000	$9.00	$45,000	5,000	$9.00	$45,000		$9.00	$0
Purchases:
January 10	6,000	$10.00	60,000		$10.00	0		$10.00	0
January 18	5,000	$11.00	55,000		$11.00	0		$11.00	0
Total	16,000		$160,000	5,000		$45,000	0		$0