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 Units January 10 3,000 Purchases Unit Cost* $ 7 Total Cost January 18 4,000 8 $ 21,000 32,000 Totals 7,000 $ 53,000 Includes purchase price and cost of freight. Sales Date of Sale Units January 5 2,000 January 12 1,000 January 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Ending Inventory - Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO Number Cost per of units unit Cost of Goods Available for Sale Number of Number of units sold Cost per unit Cost of Goods Sold units in Cost per Ending ending unit Inventory inventory Beginning Inventory Purchases: 4,000 $6.00 $ 24,000 $ 6.00 $ 0 $ 6.00 $ January 10 3,000 $7.00 21,000 $ 7.00 0 $ 7.00 0 January 18 4,000 $ 8.00 32,000 $ 8.00 0 $ 8.00 0 Total 11,000 $ 77,000 0 $ 0 0 $ 0