Ferris Company began 2018 with 9,000 units of its principal product. The cost of each unit is $4. Merchandise transactions for the month of January 2018 are as follows:

	Purchases
Date of Purchase	Units		Unit Cost*			Total Cost
Jan. 10	6,000		$	5			$	30,000
Jan. 18	9,000			6				54,000
Totals	15,000							84,000

*Includes purchase price and cost of freight.

Sales
Date of Sale	Units
Jan. 5	5,000
Jan. 12	3,000
Jan. 20	6,000
Total	14,000

10,000 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.

• Required 1

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			$0		$0.00	$0		$0.00	$0
Purchases:
January 10			0		$0.00	0		$0.00	0
January 18			0		$0.00	0		$0.00	0
Total	0		$0	0		$0	0		$0

• Required 2

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

LIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic LIFO			Ending Inventory - Periodic LIFO
	# 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			$0		$0.00	$0		$0.00	$0
Purchases:
January 10			0		$0.00	0		$0.00	0
January 18			0		$0.00	0		$0.00	0
Total	0		$0	0		$0	0		$0

• Required 3

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

Perpetual LIFO:	Cost of Goods Available for Sale			Cost of Goods Sold - January 5			Cost of Goods Sold - January 12			Cost of Goods Sold - January 20			Inventory Balance
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beg. Inventory			$0		$0.00	$0		$0.00	$0		$0.00	$0		$0.00	$0
Purchases:
January 10			0		0.00	0		0.00	0		0.00	0		0.00	0
January 18			0		0.00	0		0.00	0		0.00	0		0.00	0
Total	0		$0	0		$0	0		$0	0		$0	0		$0