Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13.000 Purchases Unit Cost' $ 8 9 Total Cost $48.000 63.000 111,000 * 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 12,000 units were on hand at the end of the month. Award: 1.25 points 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 Cost per Goods # of units unit Available for Sale 7,000 $ 7.00 $ 49,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 7.00 $ 7.00 Beginning Inventory Purchases: January 10 January 18 Total 6,000 $ 8.00 7,000 $ 9.00 20,000 48,000 63,000 160,000 $ $ 8.00 9.00 $ $ 8.00 9.00 $