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 January 10 6,000 Purchases Unit Cost $ 9 Total Cost 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 Total 6,000 14,000 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory -Periodic LIFO LIFO Cost Number Cost of Goods Number Number of units per of units Available Cost per unit unit sold Cost of Goods Sold for Sale of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 9,000 $8.00 $ 72,000 9,000 $ 8.00 $ 72,000 0 $ 8.00 S 0 Purchases: January 10 6,000 $9.00 S January 18 9,000 54,000 90,000 1,000 $ 9.00 0 $ 10.00 9,000 5,000 S 9.00 45,000 10.00 0 7,000 $ 10.00 70,000 Total 24,000 $ 216,000 10,000 $ 81,000 12,000 $ 115,000