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
Jan. 10	5,000		$	8			$	40,000
Jan. 18	6,000			9				54,000
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.

Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale Cost per # of units sold Cost of Goods Sold # of units in ending inventory Ending Inventory unit unit Beginning Inventory Purchases: January 10 January 18 Total