Ferris Company began 2018 with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January 2018 are as follows:

 PurchasesDate of PurchaseUnits Unit Cost*Total CostJan. 103,000 $8  $24,000 Jan. 184,000  9   36,000 Totals7,000      60,000 

*Includes purchase price and cost of freight.

SalesDate of SaleUnits Jan. 52,000 Jan. 121,000 Jan. 203,000 Total6,000 

5,000 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.