Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] 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: - Includes purchase price and cost of freight. 8,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. 3. Calculate Janusry's ending inventory and cost of goods sold for the month using FIFO, perpetual system. \begin{tabular}{|l|c|c|c|c|c|} \hline Goods Sold - January 20 & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline Cost per unit & Cost of Goods Sold & \# of units in ending inventory & Cost per unit & Ending Inventory \\ \hline$9.00 & & $ & 9.00 & $ \\ \hline$10.00 & & & & \\ \hline 11.00 & & & 10.00 & \\ \hline \$ & & & & \\ \hline \end{tabular}