A company began January with $4,000$ units of its principal product. The cost of each unit is $$6.$ Inventory transactions for the month of January are as follows:

Date of Purchase Purchases

Units Unit Cost$*$Footnote asterisk Total Cost

January $103,000$ $ $7$ $ $21,000$

January $184,000832,000$

Totals $7,000$ $ $53,000$

$*$Footnote asterisk Includes purchase price and cost of freight.

Sales

Date of Sale Units

January $52,000$

January $121,000$

January $203,000$

Total $6,000$

$5,000$ units were on hand at the end of the month.

Required:

$1.$ Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.