Ferris Company began 2016 with 7,000 units of its principal product. The cost of each unit is $7 Merchandise transactions for the month of January 2016 are as follows Purchases Jan. 10 Jan. 18 Date of Purchase UnitsUnit Cost Total Cost $ 48,000 63,000 6,000 $ 8 7,000 Totals 13,000 $111,000 ncludes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 1,000 4,000 Total 8,000 12,000 units were on hand at the end of the month Required Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives