P8-5 Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8 Merchandise Various inventory transactions for the month of January are as follows: costing methods L08-1, L08-4 Purchases Date of Purchase 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. Units Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total sales Units 3,000 2,000 4,000 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, periodic system 3. FIFO, perpetual system 4. Average cost, periodic system 5. Average cost, perpetual system