Required information [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 $7. 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* $ 8 9 Total Cost $ 48,000 72,000 120,000 * 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. Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Cost per Goods # of units Cost per Cost of # of units unit Available for sold unit Goods Sold Sale 8,000 $ 7.00 $ 56,000 7.00 $ 0 # of units in ending inventory Cost per unit Ending Inventory $ CA $ 7.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total 0 0 6,000 $ 8.00 8,000 $ 9.00 22,000 48,000 72,000 176,000 $ $ 8.00 9.00 $ $ 8.00 9.00 0 0 $ 0 $ 0 0 $ 0 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Cost per Goods # of units Cost per Cost of # of units unit Available for sold unit Goods Sold Sale 8,000 $ 7.00 $ 56,000 $ 7.00 $ Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory $ 7.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ 8.00 0 0 6,000 $ 8.00 8,000 $ 9.00 22,000 48,000 72,000 176,000 $ $ $ $ 8.00 9.00 9.00 0 0 $ 0 HA 0 $ 0 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of # of # of Unit Goods Cost of Cost per units Cost units Available for sold unit Goods Sold Sale 8,000 $ 7.00 $ 56,000 $ 7.00 $ 0 # of units Cost per sold unit Cost of Goods Sold Cost per unit Ending Inventory # of units Cost per Cost of # of units sold unit Goods Sold in ending inventory $ 7.00 $ 0 0 $ 7.00 $ 0 $ 7.00 $ 0 Beg. Inventory Purchases: January 10 January 18 Total 8.00 0 8.00 0 8.00 0 0 6,000 8,000 22,000 48,000 72,000 176,000 8.00 9.00 8.00 9.00 9.00 0 9.00 0 9.00 0 0 $ 0 $ 0 0 $ 0 0 $ 0 0 $ 0 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Unit Goods # of units Average # of units Cost of Cost Available for sold Cost per Goods Sold Unit Sale 8,000 $ 7.00 $ 56,000 Ending Inventory - Average Cost # of units Average Ending in ending Cost per unit inventory Inventory Beginning Inventory Purchases: January 10 January 18 Total 6,000 $ 8.00 8,000 $ 9.00 22,000 48,000 72,000 176,000 $ $ 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 Inventory on hand Cost of Goods Sold # of units Cost per Inventory # of units Avg.Cost Cost of unit Value sold per unit Goods Sold $ 0 0 0 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 0 0 0 0 0 0 $ 0 0 $ 0