Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Purchases Unit Cost* $ 9 Units 6,000 8,000 14,000 10 Total Cost $ 54,000 80,000 134,000 Totals * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 4,000 2,000 5,000 11,000 Total 11,000 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. FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of # of units Cost per Goods # of units Cost per Cost of unit Available for sold unit Goods Sold Sale 8,000 $ 8.00 $ 64,000 $ 8.00 $ Ending Inventory - Periodic FIFO # of units in ending Cost per Ending unit inventory Inventory $ $ 8.00 $ Beginning Inventory Purchases: January 10 January 18 Total $ 9.00 0 0 6,000 $ 9.00 8,000 $10.00 22,000 54,000 80,000 198,000 $ $ 9.00 10.00 10.00 0 0 $ 0 $ 0 0 $ 0 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 Cost of # of units Cost per Goods # of units Cost per Cost of unit Available for sold unit Goods Sold Sale 8,000 $ 8.00 $ 64,000 $ 8.00 $ 0 Ending Inventory - Periodic LIFO # of units in ending Cost per Ending inventory unit Inventory $ 8.00 $ 0 $ $ Beginning Inventory Purchases: January 10 January 18 Total $ 0 0 6,000 $ 9.00 8,000 $ 10.00 22,000 54,000 80,000 198,000 9.00 10.00 9.00 10.00 $ 0 0 0 $ 0 $ 0 0 $ 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of # of Unit Goods # of Cost of units Cost Available for units sold unit Goods Sold Sale 8,000 $ 8.00 $ 64.000 $ 8.00 $ 0 0 Cost per # of units Cost per sold unit Cost of # of units Cost per Goods Sold sold unit Cost per Cost of Goods Sold # of units in ending inventory Ending Inventory unit $ 8.00 $ 0 $ $ 8.00 $ 0 $ 8.00 $ 0 Beg. Inventory Purchases: January 10 January 18 Total 9.00 0 0 0 0 6,000 8,000 22,000 9.00 10.00 54,000 80,000 9.00 10.00 9.00 10.00 9.00 10.00 10.00 0 0 0 0 $ 198,000 0 $ 0 0 $ 0 01 0 $ 0 0 $ 0 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Unit Goods # of units Average # of units Cost of Cost per sold Cost Available for Unit Goods Sold Sale 8,000 $ 8.00 $ 64,000 Ending Inventory - Average Cost # of units Average in ending Cost per Ending unit inventory Inventory Beginning Inventory Purchases: January 10 January 18 Total 6,000 $ 9.00 8,000 $10.00 22,000 54,000 80,000 198,000 $ GA 0 $ 0 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Perpetual Average Inventory on hand # of units Cost per Inventory unit Value Cost of Goods Sold # of units Avg.Cost Cost of sold per unit Goods Sold $ 0 0 0 0 0 0 0 Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total 0 0 0 0 0 0 0 0 0 0 $ 0