Ferris Company began January with 8.000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January are as follows: Purchases Unit Cost $8 Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 3,000 14,000 Total Cost $ 48,000 72.000 120,000 Includes purchase price and cost of freight Sales Date of Sale Jan. 5 Jan 12 Jan. 20 Total Units 4,000 2,000 5.000 11,000 11,000 units were on hand at the end of the month Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO periodle system Cost of Goods Sold Panodic FIFO Ending inventory Periodic FIFO EIFD Cost of Goods Available for Sale Cost of Goods unit Available for Sale 8.000 57.00 5 56 000 of units Cost per w of units sold Cost per Cost or of units Goods Soldinoding inventory Cost per unit Ending Inventory 700 $ 7.00 Beginning Inventory Purches anan 10 analy18 Total 8.00 6,000 62.00 8.000 89.00 22.000 48.000 72.000 170 000 9.00 $ s 8.00 9.00 $