Ferris Company began January with 6,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 5,000 $ 7 $35,000 Jan. 18 6,000 8 48,000 Totals 11,000 83,000 * 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: Calculate January's ending inventory and cost of goods sold for the month using LIFO, perpetual system