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: Purchases Unit Cost* Date of Purchase Jan. 10 Jan. 18 Totals Units 4,000 7,000 11,000 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. TOP Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 7,000 $ 8.00 $ 56,000 # of units sold Cost per Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory unit $ 8.00 $ 0 $ 8.00 $ Beginning Inventory Purchases: January 10 January 18 Total 4,000 7,000 18,000 $ 9.00 $10.00 36,000 70,000 162,000 $ $ 9.00 10.00 0 0 0 3,000 7,000 10,000 $ $ 9.00 10.00 27,000 70,000 97,000 $ $ $