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. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Unit Cost of Goods Available for Sale # of units Cost per # of units sold Cost of Goods Sold # of units Cost per sold unit Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold unit # of units in ending inventory Cost per unit Ending Inventory Cost 7,000 $ 7.00 $ 49,000 $ 7.00 $ 7.00 $ 7.00 $ 7.00 $ 0 Beg. Inventory Purchases January 10 January 18 Total 0 6,000 7,000 20,000 8.00 9.00 48,000 63,000 160,000 8.00 9.00 8.00 9.00 8.00 9.00 8.00 9.00 0 $