[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 $6. Merchandise transactions for the month of January are as follows:

Jan.10 6000. units $ 7 unit cost*. $42000 total cost

Jan. 18 8000 units $8 unit cost*. $64000 total cost. * Includes purchase price and cost of freight.

Sales Jan 5. (4000 units) Jan 12. (2000 units) Jan 20 (4000 units)

Required: 12,000 units were on hand at the end of the month.

1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory			$0		$0.00	$0		$0.00	$0
Purchases:
January 10			0		$0.00	0		$0.00	0
January 18			0		$0.00	0		$0.00	0
Total	0		$0	0		$0	0		$0

2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.

3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.

Perpetual FIFO:

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

# of units

Unit Cost

Cost of Goods Available for Sale

# of units sold

Cost per unit

Cost of Goods Sold

# of units sold

Cost per unit

Cost of Goods Sold

# of units sold

Cost per unit

Cost of Goods Sold

# of units in ending inventory

Cost per unit

Ending Inventory

Beg. Inventory

$6.00

$0

Purchases:

January 10

January 18

Total

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			Ending Inventory - Average Cost
	# of units	Unit Cost	Cost of Goods Available for Sale	# of units sold	Average Cost per Unit	Cost of Goods Sold	# of units in ending inventory	Average Cost per unit	Ending Inventory
Beginning Inventory
Purchases:
January 10
January 18
Total

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 FIFO:	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
	# of units	Unit Cost	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beg. Inventory			$0		$0.00	$0		$0.00	$0		$0.00	$0		$6.00	$0
Purchases:
January 10			0		0.00	0		0.00	0		0.00	0		0.00	0
January 18			0		0.00	0		0.00	0		0.00	0		0.00	0
Total	0		$0	0		$0	0		$0	0		$0	0		$0