Ferris Company began 2016 with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January 2016 are as follows: Purchases Date of Purchase Units Unit Cost Total Cost Jan. 10 3,000 8 $24,000 Jan. 18 4,000 36,000 Totals 7,000 $60,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month