EEN (The following information applies to the questions displayed below.) Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: I Purchases Date of Purchase Units Unit Coist Total cost Jan. 10 6.000 $ 7 $42,000 Jan. 18 7,000 56,000 Total 13,000 98,000 "Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 3,000 4.000 10,000 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 Sold January 5 Cost of Goods Sold January 12 Cost of Goods Sold Perpetual FIFO wol Cost of Goods Available for Sale Cost of wof Unit Goods units Coor Available for Sale 7.000 55.00 $ 42,000 units sold Cost per unit Cost of Goods Sold of units Cost per sold unt Cost of Goods Sold of units Cost per sold unit $ 6.00 $ $ 500 5 0 5 6.00 Beg Inventory Purchase January 10 January 18 Total 8,000 7.000 20.000 7.00 8.00 42.000 58,000 140,000 7.00 8.00 ODO 7.00 8.00 7.00 8:00 5 0 $ 0 $ ol 0 Cost of Goods Sold - Average Cost Average Cost Cost of Goods Available for Sale Cost of Unit Hof units Goods Cost Available for Sate 7,000 $ 6.00 $ 42.000 #of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory - Average Cost # of units Average in ending Cost per Ending Inventory inventory unit Beginning Inventory Purchases January 10 January 18 6.000 $ 7.00 7,000 $ 8.00 20,000 42.000 56.000 140,000 Total $ 0