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Ferris Company began 2018 with 7,000 units of its principal product. The cost of each...

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Accounting

Ferris Company began 2018 with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January 2018 are as follows:

Purchases
Date of Purchase Units Unit Cost* Total Cost
Jan. 10 6,000 $ 7 $ 42,000
Jan. 18 7,000 8 56,000
Totals 13,000 98,000

*Includes purchase price and cost of freight.

Sales
Date of Sale Units
Jan. 5 3,000
Jan. 12 1,000
Jan. 20 4,000
Total 8,000

12,000 units were on hand at the end of the month. Required: Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: 1. FIFO, periodic system. 2. LIFO, periodic system. 3. LIFO, perpetual system. 4. Average cost, periodic system. 5. Average cost, perpetual system.

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