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: Date of Purchase Jan. 10 Jan. 18 Totals Units 4,000 7,000 11,000 Purchases Unit Cost $ 9 10 Total Cost S 36,000 70,000 106,000 Includes purchase price and cost of freight Sales Date of Sale Jan. Jan. 12 Jan. 20 Total Units 3,000 1.000 4,000 8,000 10,000 units were on hand at the end of the month 10,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Cost per Goods # of units Cost per # of units Cost of unit Available for sold unit Goods Sold Sale 7,000 $ 8.00 $ 56,000 7,000 $ 8,00 $ 56,000 Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory $ 8.00 $ 0 Beginning Inventory Purchases January 10 January 18 Total $ 9.00 0 0 4,000 $ 9.00 7,000 $ 10.00 18,000 36,000 70,000 162,000 $ $ 9.00 10.00 $ 10.00 0 $ 7,000 $ 56,000 0 $ 0