Ferris Company began January with $6,000$ units of its principal product. The cost of each unit is $$8.$ Merchandise

transactions for the month of January are as follows:

$*$Includes purchase price and cost of freight.

Sales

$8,000$ 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:

FIFO, periodic system

LIFO, periodic system

FIFO, perpetual system

Average cost, periodic system

Average cost, perpetual system

Topanga Group began operation early in $2021.$ Inventory purchase information for the quarter ended March

$31,2021,$ for Topanga's only product is provided below. The unit costs include the cost of freight. The company

uses a periodic inventory system$448$

SECTION $2$

P $8-5$

Various inventory

costing methods

L$08-1,$ LO$8-4$

Assets

Ferris Company began January with $6,000$ units of its principal product. The cost of each unit is $$8.$ Merchandite

transactions for the month of January are as follows:

$*$Includes purchase price and cost of freight.

Sales

$8,000$ 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 altemation

FIFO, periodic system

LIFO, periodic system

FIFO, perpetual system

Average cost, periodic system

Average cost, perpetual system