Required information [The following information applies to the questions displayed below. Ferris Company began January with 4,000 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 3,000 4,000 7,000 Purchases Unit Cost* $ 9 10 Total Cost $27,000 40,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,000 1,000 3,000 6,000 5,000 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 # of units Goods # of units Cost per Cost of per unit Available for sold unit Goods Sold Sale 4,000 $ 8.00 $ 32,000 $ 8.00 # of units in ending inventory Cost per unit Ending Inventory $ 8.00 Beginning Inventory Purchases: January 10 January 18 Total 27,000 $ 9.00 $ 9.00 3,000 $ 9.00 4,000 $10.00 11,000 $ 10.00 $ 10.00 40,000 99,000 $ 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost per Cost per # of units Unit Cost Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold # of units sold Cost of Goods Sold Cost per unit unit # of units in ending inventory Cost of Goods Sold unit Ending Inventory Beg. Inventory 4,000 $ 8.00 $ 32,000 $ 8.00 $ 8.00 $ 8.00 $ 8.00 $ 0 Purchases: 3,000 9.00 9.00 9.00 0 9.00 January 10 January 18 Total 27,000 40,000 9.00 10.00 4,000 10.00 10.00 10.00 0 10.00 0 11,000 $ 99,000 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.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per # of units Inventory Value # of units Avg.Cost sold Cost of Goods Sold unit per unit 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