Ferris Company began 2018 with 7,000 units of its principal product. The cost of each...
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Ferris Company began 2018 with 7,000 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 Jan. 10 Jan. 18 Units 6,000 7,000 13,000 Unit Cost* $ 10 Total Cost $60,000 77,000 137,000 Totals "Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 1,000 4,000 8,000 Total 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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