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: Date of Purchase Jan. 10 Jan. 18 Totals Units 6,000 8,000 14,000 Purchases Unit Cost* $ 8 9 Total Cost $ 48,000 72,000 120,000 Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 4,000 Jan. 12 2,000 Jan. 20 5,000 Total 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 Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending Cost per unit Ending Inventory inventory Beginning Inventory 8,000 $7.00 $ 56,000 $ 7.00 $ 0 $ 7.00 $ Purchases: January 10 6,000 $ 8.00 48,000 $ 8.00 0 $ 8.00 0 January 18 8,000 $ 9.00 72,000 S 9.00 0 $ 9.00 0 Total 22,000 $ 176,000 0 $ 0 0 $ 0