Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 5,000 6,000 11,000 Purchases Unit Cost* $ 10 11 Total Cost $ 50,000 66,000 116,000 * Includes purchase price and cost of freight. Sales Date of Sale Tan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 8,000 units were on hand at the end of the month. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO 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 6,000 $ 9.00 $ 54,000 $ 9.00 $ 0 $ 9.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 5,000 50,000 $ 10.00 0 $ 10.00 0 $ 10.00 $ 11.00 66,000 $ 11.00 0 $ 11.00 0 6,000 17,000 $ 170,000 0 $ 0 0 $ 0 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 6,000 $ 9.00 54,000 $ 9.00 $ 9.00 Beginning Inventory Purchases: January 10 January 18 Total 50,000 $ 10.00 $ 10.00 5,000 $ 10.00 6,000 $ 11.00 17,000 11.00 11.00 66,000 170,000 $ 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. 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 Perpetual FIFO: # of units Cost of Goods Available for Sale Cost per Unit Cost # of units sold Cost of Goods Sold unit Cost per # of units Cost per sold unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory unit Ending Inventory Beg. Inventory 6,000 $ 9.00 $ 54.000 $ 9.00 $ 9.00 $ 9.00 $ 9.00 $ 0 Purchases 10.00 10.00 10.00 0 10.00 10.00 January 10 January 18 Total 5,000 6,000 17.000 50,000 66,000 11.00 11.00 11.00 0 11.00 0 11.00 $ 170,000