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 Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 10 $ 60,000 Jan. 18 7,000 11 77,000 Totals 13,000 137,000 * 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.

1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.

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
Date of Purchase	Units		Unit Cost*	Total Cost
Jan. 10	6,000		$	10			$	60,000
Jan. 18	7,000			11				77,000
Totals	13,000							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.