Intermediate Accounting II AC 312 Course Review Exercises 1. Ferris Company began 2018 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2018 are as follows: Purchases Date of Purchase Jan. 10 Jan. 18 Units 5,000 6,000 11,000 Unit Cost" s 9 10 Total Cost $ 45,000 60,000 105,000 Totals * Includes purchase price and cost of freight. Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 2,000 Total 9,000 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 1. FIFO, periodic system. 2. LIFO, perpetual system