Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: * Includes purchase price and cost of freight. 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system