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Problem 8-5 Various inventory costing methods [LO8-1, 8-4] Ferris Company began 2018 with 5,000 units...

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Problem 8-5 Various inventory costing methods [LO8-1, 8-4] Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January 2018 are as follows: Purchases Date of Purchase Jan. 10 Jan. 18 Units 6,000 5,000 11,000 Unit Cost* Total Cost $42,000 40,000 82,000 Totals Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 3,000 4,000 10,000 Total 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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