Ferris Company began January with 6.000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Purchases Date of Unit Purchase Units Cost* Total Cost Jan. 10 5,000 $10 $ 50,000 Jan. 18 6,000 11 66,000 Totals 11,000 116,000 * 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. Problem 8-5 (Algo) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. FIFO Cost of Goods Available for Sale Cost Cost of # of Goods units per unit Available for Sale 6.000 $9.00 $ 54,000 Cost of Goods Sold - Periodic FIFO Cost #of Cost of units per Goods unit Sold Ox $ 9.00 $ 0 Ending Inventory - Periodic FIFO # of units Cost Ending in ending per inventory unit Inventory 6.000X $ 9.00 $ 54,000 sold Beginning Inventory Purchases: January 10 5,000 50,000 30,000 20,000 S 10.00 S 11.00 January 18 6,000 66,000 3,000 $ 10.00 S 6.000% 11.00 9,000 $ 2.000 10.00 IX 11.00 8.000 66,000 $ 96,000 0 Total 17,000 $ 170,000 $ 74,000