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: Date of Purchase Jan. 10 Jan. 18 Totals Units 4,000 7,000 11,000 Purchases Unit Cost $ 9 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. 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: # of units sold Cost per unit Cost of # of Unit Goods units Cost Available for Sale 7,000 $ 8.00 $ 56,000 Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 8.00 $ 8.00 $ 8.00 $ 8.00 $ 0 Beg. Inventory Purchases: January 10 January 18 Total 4,000 0 9.00 10.00 36,000 70,000 162,000 9.00 10.00 9.00 10.00 9.00 10.00 9.00 10.00 0 7,000 18,000 0 $