Required information 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 8,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 Purchases Unit Cost* $ 9 10 Total Cost $ 54,000 80,000 134,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4,000 2,000 5,000 11,000 11,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Ending Inventory - Periodic FIFO FIFO # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods # of units Cost per Cost of unit Available for sold unit Goods Sold Sale 8,000 $ 8.00 $ 64,000 $ 8.00 $ 0 0 # of units in ending inventory Cost per unit Ending Inventory $ 8.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ 9.00 0 $ 9.00 0 6,000 $ 9.00 8,000 $10.00 22.000 54,000 80,000 $ 198,000 $ 10.00 0 $ 10.00 0 0 0 $ 0 0 $ 0 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Perpetual Average # of units Cost per Inventory on hand Cost of Goods Sold Inventory # of units Avg.Cost Cost of unit Value sold per unit Goods Sold $ 0 0 01 0 0 0 0 Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase - January 18 Subtotal Average Cost Sale - January 20 Total 0 0 ol 0 0 0 0 0 0 0 $ 0 0 $ $ 0 0