A company began January with 8,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows:

Date of PurchasePurchasesUnitsUnit Cost*Footnote asteriskTotal CostJanuary 106,000$ 9$ 54,000January 188,0001080,000Totals14,000 $ 134,000

*Footnote asterisk Includes purchase price and cost of freight.

SalesDate of SaleUnitsJanuary 54,000January 122,000January 205,000Total11,000

11,000 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