A company began January with 9,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Units Purchases Unit Cost Total Cost January 10 6,000 $ 9 January 18 9,000 10 $ 54,000 90,000 Totals 15,000 $ 144,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 5,000 January 12 3,000 January 20 6,000 Total 14,000 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Answer is not complete. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold --January 12 Cost of Goods Sold - January 20 Perpetual FIFO: Number of units Unit Cost Cost of Goods Number Inventory Balance Number Cost of of units Available sold Cost per unit Goods Sold Number of units sold Cost per unit Cost of Goods Sold Number of units Cost Cost of of units sold per unit for Sale Goods Sold in ending Cost per unit Ending Inventory inventory Beginning 9,000 $8.00 $ 72,000 5,000 $ 8.00 $ 40,000 3,000 S 8.00 $ 24,000 6,000 $ 8.00 $ 48,000 S 8.00 S 0 Inventory Purchases January 10 6,000 9.00 January 18 9,000 10.00 54.000 90,000 0 9.00 0 9.00 0 9.00 0 9.00 0 0 10.00 0 10.00 0 10.00 0 10.00 0 Total 24,000 $ 216,000 5,000 $ 40,000 3,000 $ 24,000 6,000 $ 48,000 0 S 0