A company began January with 7,000 units of its principal product. ine cost or each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase January 10 Units 4,000 Purchases Unit Cost* $ 9 Total Cost January 18 7,000 10 $ 36,000 70,000 Totals 11,000 $ 106,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 1,000 January 20 4,000 Total 8,000 10,000 units were on hand at the end of the month. 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 Inve Perpetual FIFO: Number of units Unit Cost Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold sold Number of units sold Cost per unit Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Number of units in ending C inventory Beginning Inventory 7,000 $ 8.00 $ 56,000 3,000 $ 8.00 $ 24,000 1,000 $ 8.00 $ 8,000 4,000 $ 8.00 $ 32,000 10,000 $ Purchases: January 10 January 18 4,000 9.00 7,000 10.00 Total 18,000 36,000 70,000 $ 162,000 9.00 0 9.00 0 9.00 0 10.00 0 10.00 0 10.00 0 3,000 $ 24,000 1,000 $ 8,000 4,000 $ 32,000 10,000