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 $ 36,000 70,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 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. 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 Goods unit Available for Sale 7,000 $ 8.00 $ 56,000 # of units Cost per # of units sold Cost per unit Cost per # of units in ending inventory Cost of Goods Sold unit Ending Inventory $ 8.00 $ 0 $ 8.00 $ 0 Beginning Inventory Purchases January 10 January 18 Total $ 0 $ 9.00 4,000 $ 9.00 7,000 $ 10.00 18,000 36,000 70,000 162,000 9.00 10.00 $ $ 10.00 0: 0 0 0 0 $ 0 $ 0 $