Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Purchases Units 5,000 Unit Cost* Total Cost $ 9 6,000 10 11,000 $ 45,000 60,000 $105,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 2,000 Jan. 20 4,000 Total 9,000 8,000 units were on hand at the end of the month. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Perpetual FIFO: # of units Unit Cost Cost of Goods Available for Sale Cost per unit Cost of Goods Sold - January 5 # of units sold Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Inventory Balance Ending Inventory Beg. Inventory 6,000 $ 8.00 $ 48,000 $ 8.00 $ 0 S 8.00 $ 0 $ 8.00 $ 0 $ 8.00 $ 0 Purchases: January 10 5,000 9.00 45,000 9.00 0 9.00 0 9.00 0 9.00 0 January 18 6,000 10.00 Total 17,000 $ 60,000 153,000 10.00 0 10.00 0 10.00 0 10.00 0 0 $ 0 0 $ 0 0 $ 0 0 $ 0