Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost $ 8 $40,000 54,000 Jan. 10 5,000 Jan. 18 6,000 9. Totals 11,000 94,000 * 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. Required: 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 # of units in ending inventory FIFO Cost per Cost per unit Cost per Goods # of units Cost of Ending Inventory # of units unit Available for sold Goods Sold unit Sale Beginning Inventory 6,000 $ 7.00 $ 42,000 7.00 $ 7.00 Purchases: January 10 5,000 $ 8.00 40,000 $ 8.00 $ 8.00 January 18 6,000 $ 9.00 54,000 9.00 $ 9.00 Total 17,000 $ 136,000