Ferris Company began 2013 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2013 are as follows:

*Includes purchase price and cost of freight.
Sales
Date of Sale Units
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 Units Unit Cost*Total Cost 5,000 6,000 $ 9 10 45,000 60,000 Totals 11,000 $105,000