Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $5 Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Purchases Units 5,000 Unit Cost $ 6 6,000 7 11,000 Total Cost $30,000 42,000 72,000 *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. Cost of Goods Available for Sale 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system Ending Inventory Periodic LIFO Cost of Goods Sold Periodic LIFO LIFO 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 Cost per unit Ending Inventory inventory Beginning Inventory 6,000 $5.00 $ 30,000 $ 5.00 $ 0 S 5.00 $ 0 Purchases January 10 5,000 $ 6.00 30.000 3,000 S 6.00 18,000 $ 6.00 0 January 18 6,000 $ 7.00 42,000 5 7.00 0 $ 7.00 0 Total 17,000 S 102.000 3,000 $ 18,000 0 $ 0