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 Units 5,000 6,000 11,000 Purchases Unit Cost $ 6 7 Total Cost $30,000 42,000 72,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 3,000 2,080 4,000 9,000 8,000 units were on hand at the end of the month ce 8 9 6 7 a w OP 8,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost per Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale $5.00 $ 30,000 # of units sold Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory S ol 5.00 $ S 5.00 5 6,000 0 $ 6.00 0 0 Beginning Inventory Purchases: January 10 January 18 Total 30,000 42,000 102.000 6.00 7.00 non 5,000 S 6.00 6,000 $ 7.00 17.000 S 7.00 0 0 s 0 $ 0 0 $ a w N