A company began January with 6,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: * Date of Purchase Units January 10 5,000 Purchases Unit Cost* $ 8 Total Cost January 18 6,000 9 $ 40,000 54,000 Totals 11,000 $ 94,000 Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 2,000 January 20 4,000 Total 9,000 8,000 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. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO Number Cost per of units unit Cost of Goods Available for Number of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic FIFO Number of units in ending Cost per unit Ending Inventory Sale inventory Beginning Inventory 6,000 $ 7.00 $ 42,000 $ 7.00 $ 0 $ 7.00 $ 0 Purchases: January 10 5,000 $ 8.00 40,000 January 18 6,000 $ 9.00 54,000 Total 17,000 $ 136,000 0 FA $ 8.00 EA 9.00 SA $ 8.00 0 0: $ 9.00 0 0 0 $ 0