Ferris Company began January with 8,000 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 6,000 8,000 14,000 19 Total Cost $ 54,000 80,000 134,000 * 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, periodic system. Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost of Goods Available for Sale Cost of Cost per # of units Goods unit Available for Sale 8,000 $ 8.00 $ 64.000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 8.00 $ $ 8.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ 9.00 0 $ 0 6,000 $ 9.00 8,000 $ 10.00 22,000 54,000 80,000 198,000 9.00 10.00 $ 10.00 0 $ 0 $ 0 $ 0 0 $ 0