Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost Jan. 10 5,000 $10 Total Cost $ 50,000 Jan. 18 8,000 11 88,000 Totals 13,000 138,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 3,000 Jan. 201 4,000 Total 10,000 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. 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 FIEQ # 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 Purchases: January 10 January 18 8,000 $ 9.00 $ 72,000 8,000 $ 9.00 $ 72,000 $ 9.00 $ 0 5,000 $10.00 50,000 5,000 $ 10.00 50,000 $ 10.00 8,000 $11.00 88,000 8,000 $ 11.00 Total 21,000 $ 210,000 21,000 88,000 $210,000 $ 11.00 0 0 $ 0