Problem $8-5($Algo$)$ Various inventory costing methods $[$LO$8-1,8-4]$

Skip to question

$[$The following information applies to the questions displayed below.$]$

A company began January with $8,000$ units of its principal product. The cost of each unit is $$7.$ Inventory transactions for the month of January are as follows: Can you please include all steps, how you calculate and also in a table form

Date of Purchase Purchases

Units Unit Cost$*$Footnote asterisk Total Cost

January $106,000$ $ $8$ $ $48,000$

January $188,000972,000$

Totals $14,000$ $ $120,000$

$*$Footnote asterisk Includes purchase price and cost of freight.

Sales

Date of Sale Units

January $54,000$

January $122,000$

January $205,000$

Total $11,000$

$11,000$ units were on hand at the end of the month.

Problem $8-5($Algo$)$ Part $1$

Required:

$1.$ Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. $2.$ 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. $4.$ Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. $5.$ Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Can you please show the detail calculation and also in a table form. Thanks