Ferris Company began 2016 with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January 2016 are as follows Purchases Date of Purchase Jan. 10 Jan. 18 Unit Units Cost Total Cost 6,000 $7 $42,000 7,0008 56,000 Totals 13,000 $98,000 "Includes purchase price and cost of freight. Sales Date of Units Sale Jan. 5 Jan. 12 Jan. 20 3,000 1,000 4,000 Total 8,000