Exit Submit Check my werk Required information Problem 8-5 (Algo) Various inventory costing methods (LO8-1,8-4) (The following information applies to the questions displayed below! Ferris Company began January with 7000 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 Purchase Unit URL caste Jan. 10 Total cost 4,000 Jan. 18 $36,000 7.000 10 70.000 Total 11,000 106,000 Includes purchase price and cost of freight Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 1.000 4.000 3.000 AAAA 8-5 (Algo) Part 1 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 FIFO Ending Inventory - Periodic Cost of Goods Available for Sale Cost of Cost per # of units Goods unit Available for Sale 7.000 $ 8.00 $ 56.000 of units sold Cost per unit Cost of Goods Sold of units in ending inventory Cost per unit Ending Inventory $ 8.00 $ 0 $ 8.00 $ Beginning Inventory Purchases January 10 January 18 Total $ 0 $ 9.00 4,000 $ 9.00 7.000 $ 10.00 18,000 9.00 10.00 a 36,000 70,000 162,000 $ 0 0 5 10.00 S 0 $ 0 $ 0