Question 3: P 8-5 Various inventory costing methods Ferris Company began 2016 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2016 are as follows: LO8-1, LO8-4 Date of Purchase Jan. 10 Jan. 18 Totals Purchases Units Unit Cost Total Cost 5,000 59 $ 45,000 6,000 10 60,000 11,000 $105,000 "Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,000 4,000 9,000 Required: 8,000 units were on hand at the end of the month. 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. LIFO, perpetual system 4. Average cost, periodic system 5. Average cost, perpetual system