P 85 Various inventory costing methods LO81 , LO84 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: Table Summary: Summary Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 5,000 $ 9 $ 45,000 Jan. 18 6,000 10 60,000 Total purchases 11,000 $ 105,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total sales 9,000 8,000 units were on hand at the end of the month. Required: Calculate Januarys 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