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Can you please help me with this and show the calculations? Thanks! Ferris Company began January with 7,000 units of its principal product. The cost

Can you please help me with this and show the calculations? Thanks! image text in transcribed
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Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 4,000 7,000 11,000 Purchases Unit Cost" $ 9 10 Total Cost $ 36,000 70,000 106,000 * Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1,000 4,000 8,000 10,000 units were on hand at the end of the month. Ud. ZU Required information 10,000 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 Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 7,000 $ 8.00 $ 56,000 # of units sold Cost per Cost per unit Cost of Goods Sold # of units in ending inventory unit Ending Inventory 7,000 $ 8.00 $ 56,000 $ 8.00 $ 0 Beginning Inventory Purchases January 10 January 18 Total 9.00 $ 0 4,000 $ 9.00 7,000 $10.00 18,000 36,000 70,000 162,000 2,000 $ 2,000 $ 11,000 18,000 20,000 94,000 9.00 10.00 10.00 $ 0 $ $ 0 $

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