Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Purchases $ 10 Date of Purchase Units Unit Cost Jan. 10 6,000 Jan. 18 7,000 Totals 13,000 11 Total Cost $ 60,000 77,000 137,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 1,000 Jan. 20 4,000 Total 8,000 12.000 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. Ending Inventory Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Periodic FIFO EIFO of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit inventory Ending Inventory Beginning Inventory 7,000 $900 $ 63.000 $ 9.00 $ 9.00 Purchases January 10 6,000 $10.00 60,000 $ 10.00 $ 10.00 January 18 7,000 $11.00 77,000 $ 11.00 $ 11.00 Total 20,000 S 200,000