question 1 and 2

Required information [The following information applies to the questions displayed below Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Total Cost 36,000 70,000 Unit Cost* $ 9 Jan. 10 4,000 Jan. 18 7,000 10 Totals 11,000 106,000 Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Units 3,000 1,000 4,000 Jan. 12 Jan. 20 8,000 Total 10,000 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. Ending Inventory - Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of # of units in ending inventory EIFO Cost per unit Ending Inventory Cost per unit Cost per unit Cost of Goods Sold Goods #of units # of units Available for Sale sold 0.00 $ 0.00 $ Beginning Inventory Purchases: $ 0 S 0 S January 10 0.00 0.00 C 0 0 0.00 January 18 0.00 0 Total 40. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Ending Inventory- Perlodic LIFO Cost of Goods Sold - Periodic LIFO Cost of # of units LIFO Cost per Cost per Goods #of units sold Cost per unit Cost of Goods Sold Ending Inventory # of units in ending inventory unit Available for unit Sale 0.00 $ Beginning Inventory 0.00 0 Purchases: $ 0.00 0 January 10 0 0.00 0 January 18 0.00 $ 0.00 0 Total C 0 0 $ Oo