Ferris Company began 2011 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2011 are as follows:

Sale
Date of saleUnits
Jan. 5 ......... 3,000
Jan. 12 ........ 2,000
Jan. 20 ........ 4,000
Total ......... 9,000

8,000 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, perpetualsystem

Transcribed Image Text:

Purchases Date of Purchase Jan. 10 Jan. 18 Unit Cost 5 9 10 Units Total Cost S 45,000 60,000 $105,000 5,000 6,000 Totals 11,000