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:
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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