Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8, eee 14,000 Purchases Unit Cost" $ 7 8 Total Cost $ 42, eee 64,000 186,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan, 20 Total Units 4,000 2,800 4,eee 1e, eee 12,000 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, 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 Goods # of units unit Available for Sale 8,000 $ 6.00 $ 48,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 0 $ 600 S $ 0 6.00 $ 0 Beginning Inventory Purchases: January 10 January 18 Total $ 7.00 8.00 $ $ 7.00 8.00 6,000 $ 7.00 8,000 $ 8.00 22,000 42,000 64,000 154,000 0 OOO $ 0 0 $ 0 $ 0 $