Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 3,000 4,000 7,000 Purchases Unit Cont $ 7 8 Total Cost $21,000 32,000 53,000 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 2,000 1,000 3.000 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 Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of # of units Goods unit Available for Sale 4,000 $ 6.00 $ 24,000 Cost per of units sold Cost per unit Cost per Cost of #of units Goods Sold in ending Inventory Ending Inventory $ 6.00 $ 6.00 $ Beginning Inventory Purchases January 10 January 18 Total 3,000 $ 7.00 4.000 $ 8.00 11,000 21,000 32,000 77,000 7.00 8.00 $ 5 7.00 8.00 $ 5