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: Date of Purchase Units Purchases Unit Cost Jan. 10 5,000 Jan. 18 8,000 $10 11 Total Cost $ 50,000 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. 20 4,000 Total 10,000 11,000 units were on hand at the end of the month. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. Cost of Goods Available for Sale Cost of Goods Sold-January 5 Cost of Goods Bold-January 12 Cast of Goods Bold-January 20 Inventory Perpetual FIFO of units Unit Cost Cost of Goods Available for Bale # of units Cost per sold unit Cost of 8 of units Cost per Goods Sold sold unit Cost of Goods Sold #of units Cost per sold of units unit Cost of Goods Sold Cost in ending inventory Beg Inventory 8.000 $ 9.00 $ 72,000 $ 9.00 $ 0 $ 9.00 $ 0 S 9.00 $ 0 $ Purchases January 101 5,000 10.00 50.000 10.00 0 10.00 a 0 10.00 0 January 18 8,000 11.00 58,000 11.00 0 11.00 11.00 Total 21,000 $ 210,000 0 $ 0 S 0 $ 0 oods sold for the month using FIFO, perpetual system. tof Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold # of units in ending Cost per unit inventory Ending Inventory $ 9.00 $ 0 $ 9.00 $ 0 $ 9.00 $ 0 $ 9.00 $ 0 10.00 0 10.00 0 10.00 0 10.00 0 11.00 0 11.00 0 11.00 0 11.00 0 0 $ 0 $ 0 0 $ 0 0 $ 0