Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows:

	Purchases
Date of Purchase	Units		Unit Cost*			Total Cost
Jan. 10	3,000		$	9			$	27,000
Jan. 18	4,000			10				40,000
Totals	7,000							67,000

* 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.

Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory	4,000	$8.00	$32,000	?	$8.00	$0	?	$8.00	$0
Purchases:
January 10	3,000	$9.00	27,000	?	$9.00	0	?	$9.00	0
January 18	4,000	$10.00	40,000	?	$10.00	0	?	$10.00	0
Total	11,000		$99,000	?		$0	?		$0