Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Units 6,000 7,000 13,000 Purchases Unit Cost* $ 7 8 Total Cost $ 42,000 56,000 98,000 Totals * 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. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Answer is complete but not entirely correct. Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost Cost of # of Goods per units unit Available for Sale 7,000 $ 6.00 $ 42,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 6,000 X $ 6.00 $ 36,000 12,000 $ 6.00 $ 72,000 Beginning Inventory Purchases: January 10 January 18 Total $7.00 7.00 49,000 4,000 X $ 7.00 6,000 7,000 42,000 56,000 $ 140,000 7,000 X $ 3,000 X $ $ 8.00 8.00 8.00 24,000 $ 109,000 6,000 X $ 22,000 28,000 48,000 $ 148,000 20,000 16,000