Ferris Company began 2018 with 8,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January 2018 are as follows: Purchases Unit Cost Date of Purchase Jan. 10 Jan. 18 Totals Units 6.000 8,000 14,000 Total Cost $ 48,000 72,000 120,000 *Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4.000 2,000 5,000 11,000 11,000 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