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 Jan. 10 3,000 Jan. 18 4,000 $9 10 Totals 7,000 Total Cost $27,000 40,000 67,000 Includes purchase price and cost of freight Sales Date of Sale Units Jan. 5 Jan. 12 Jan. 20 Total 2,000 1.000 3,000 6,000 5,000 units were on hand at the end of the month Problem 8-5 (Algo) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold-January 5 Cost of Goods Sold-January 12 Cost of Goods Sold January 201 Inventory Balance Perpetual FIFO of units Unit Cost Cost of Goods Available for Sale #of units sold # of units Cost per unit Cost of Goods Sold I of units Cost per sold unit Cost of Goods Sold of units Cost per sold uni Cost of Goods Sold in ending Inventory unit Ending Inventory Beg Inventory 4,000 $8.00 S 32,000 $ 8.00 $ 0 $ 8.00 $ 0 $ 8.00 $ o S 8.00 $ Purchases January January 18 10 3,000 0.00 27,000 9.00 0 Total 4,000 11,000 10.00 40,000 10.00 0 9.00 10.00 $ 99,000 0 $ 0 0 9.00 0 9.00 0 10.00 10.00 0 $ $ 0 0 0