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Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January 2018 are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 10 $ 60,000 Jan. 18 5,000 11 55,000 Totals 11,000 115,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 3,000 Jan. 20 4,000 Total 10,000 6,000 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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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 5,000 $9.00 $45,000 5,000 $9.00 $45,000 $9.00 $0 Purchases: January 10 6,000 $10.00 60,000 $10.00 0 $10.00 0 January 18 5,000 $11.00 55,000 $11.00 0 $11.00 0 Total 16,000 $160,000 5,000 $45,000 0 $0

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