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: Purchases Unit Cost* $ 7 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 7,000 13,000 Total Cost $42,000 56,000 98,000 * 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. Answer is complete but not entirely correct. Cost of Goods Sold - January Cost of Goods Sold - January 12 20 Cost of Goods Sold - January 5 Inventory Balance Perpetual FIFO: # of Cost of Goods Available for Sale Cost of # of Unit Goods units Cost Available for Sale 7,000 $6.00 $ 42,000 Cost per units sold Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory unit 0X 6.00 S 0 0 $ 6.00 0 700 S 6.00 4,200 $ 6.00 $ 0 Beg Inventory Purchases: January 10 January 18 Total 0 1,000 6,000 7,000 20,000 7.00 8.00 42,000 1,000 56,0000 140,000 1,000 7.00 8. 00 7,000 0 7,000 7.00 8. 00 7.00 7,000 8. 000 $ 11,200 0 1,000 X 7,000 8,000 7.00 8.00 56,000 $ 63,000 $ $ 0 1,700