Ferris Company began January with 7,000 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	6,000		$	7			$	42,000
Jan. 18	7,000			8				56,000
Totals	13,000							98,000

* Includes purchase price and cost of freight.

Sales
Date of Sale	Units
Jan. 5	3,000
Jan. 12	3,000
Jan. 20	4,000
Total	10,000

10,000 units were on hand at the end of the month.

Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.

Perpetual FIFO:	Cost of Goods Available for Sale			Cost of Goods Sold - January 5			Cost of Goods Sold - January 12			Cost of Goods Sold - January 20			Inventory Balance
	# of units	Unit Cost	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beg. Inventory	7,000	$6.00	$42,000		$6.00	$18,000		$6.00	$0		$6.00	$0		$6.00	$0
Purchases:
January 10	6,000	7.00	42,000		7.00	0		7.00	0		7.00	0		7.00	0
January 18	7,000	8.00	56,000		8.00	0		8.00	0		8.00	0		8.00	0
Total	20,000		$140,000	3,000		$18,000	0		$0	0		$0	0		$0