[The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase Units January 10 3,000 Purchases Unit Cost $ 8 Total Cost January 18 4,000 9 $ 24,000 36,000 Totals 7,000 $ 60,000 Includes purchase price and cost of freight. Sales Date of Sale Units January 5 2,000 January 12 1,000 January 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. Cost of Goods Available for Sale Cost of LIFO Number of units Cost per unit Goods Available for 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Ending Inventory - Periodic LIFO Number of units in Cost of Goods Sold - Periodic LIFO Number of Cost per units sold unit Cost of Goods Sold Cost per Sale ending inventory unit Ending Inventory Beginning Inventory 4,000 $7.00 $ 28,000 5,000 $ 7.00 $ 35,000 0 $ 7.00 $ 0 Purchases: January 10 January 18 3,000 $ 8.00 24,000 2,000 $ 8.00 4,000 $9.00 36,000 1,000 $ 9.00 Total 11,000 $ 88,000 8,000 $ 16,000 9,000 60,000 1,000 $ 8.00 4,000 $ 9.00 5,000 8,000 36,000 $ 44,000 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: Number of units Unit Cost Cost of Goods Available for Number of units sold Cost per unit Cost of Goods Sold Number of units Number Cost per unit Cost of Goods Sold of units Cost per unit Cost of Goods Sold sold sold Sale Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 4,000 $ 7.00 $ 28,000 7.00 0 $ 7.00 $ 0 $ 7.00 0 $ 7.00 0 Purchases: January 10 3,000 8.00 24,000 8.00 0 8.00 0 8.00 0 8.00 0 January 18 4,000 9.00 36,000 9.00 0 9.00 0 9.00 0 9.00 0 Total 11,000 $ 88,000 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. Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Cost of Number of Average Cost Number of units Unit Cost Goods Available for Sale Number of units sold Average Cost per Cost of Goods Sold units in Average Cost per Unit ending inventory Ending Inventory unit Beginning Inventory Purchases: 4,000 $ 7.00 $ 28,000 January 10 3,000 $ 8.00 24,000 January 18 Total 4,000 $9.00 36,000 11,000 $ 88,000 EA $ 0 EA $ 0 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Inventory on hand Cost of Goods Sold Number Perpetual Average Number Cost per Inventory of units of units unit Value sold Average Cost per unit Cost of Goods Sold Beginning Inventory $ 0 Sale January 5 0 Subtotal Average Cost 0 0 Purchase - January 10 0 Subtotal Average Cost 0 0 - Sale January 12 0 Subtotal Average Cost 0 0 Purchase - January 18 0 Subtotal Average Cost 0 0 Sale January 20 0 Total 0 $ 0 0