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 Purchases Unit Cost* Total Cost January 10 3,000 $ 7 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 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO Number Cost per of units unit Cost of Goods Available for Sale Number of Cost per units sold unit Cost of Goods Sold Ending Inventory - Periodic FIFO Number of units in ending Cost per unit Ending Inventory inventory Beginning Inventory 4,000 $6.00 $ 24,000 0 $ 6.00 $ 0 $ 6.00 $ 0 Purchases: January 10 3,000 $ 7.00 21,000 2,000 $ 7.00 14,000 $ 7.00 0 January 18 4,000 $ 8.00 32,000 $ 8.00 0 $ 8.00 0 Total 11,000 $ 77,000 2,000 $ 14,000 0 $ 0