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 Unit Cost $ 9 10 Date of Purchase Units Jan, 10 Jan. 18 3,000 4,000 7,000 Total Cost $27,000 40,000 Totals 67,980 * Includes purchase price and cost of freight. Sales Date of Sale Units 2, 000 1,000 3,000 Jan. 5 Jan. 12 Jan. 20 Total 6, 080 5,000 units were on hand at the end of the month. Requlred: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO. periodic system. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Cost of Goods Available for # of units in ending inventory FIFO # of units sold Cost per Cost per Cost per unit Cost of # of units Ending Inventory unit unit Goods Sold Sale S 8.00 4,000 32,000 Beginning Inventory Purchases: 4,000 32,000 8.00 32,000 4,000 8.00 January 10 3,000 S 0.00 27,000 3,000 8.00 27,000 9.00 January 18 4,000 S 10.00 40,000 10.00 10.00 Total 11.000 99,000 7,000 59,000 4.000 32.000