3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Unit # of units Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory COSE Sale $ 0f $ 0.00 $ 0 $ 0.00 $ 0 $ 0.00 $ 0 $ 7.00 $ Beg. Inventory Purchases: January 10 January 18 Total L 0 0.00| 0 0 0 0. 00 0.00 0.00 0 0. 000 1 $ 0 0 0 0. 00 0 0. 000 $ 0 0.00 oL | $ 0 0 0 || $ Required information [The following information applies to the questions displayed below.] Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Purchases Unit Cost* $ 8 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Total Cost $ 48,000 63,000 111,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 12,000 units were on hand at the end of the month